Crude Oil Prices Climb on Renewed Supply Fears Following Shipping Attacks in Middle East | October 8, 2026

Crude oil prices rose on Thursday, October 8, 2026, as concerns over supply from the Middle East intensified following an increase in attacks on shipping in the Gulf and the Strait of Hormuz, as per news reports. 

Brent crude futures rose $1.33, or 1.33%, to $101.53 a barrel by 0116 GMT. US West Texas Intermediate crude futures gained $1.11, or 1.26%, to $89.39. 

Shipping Attacks Raise Supply Concerns 

Oil prices had settled lower on Wednesday after the International Energy Agency agreed to accelerate the release of oil stocks and prioritise diesel supplies under a plan launched in March. Governments are seeking to address record fuel prices and supply disruptions linked to the Iran war. 

However, risks to oil shipments through the Gulf and Strait of Hormuz have increased in October. The route carried shipments equivalent to around 20% of global oil and fuel supplies before the war. 

Attacks on tankers passing through the Strait of Hormuz reached their highest weekly level since the start of the Iran war last week. Gulf producers have continued increasing exports, despite higher risks and costs for cargoes and crews. 

Latest Tanker Attack Adds to Market Concerns 

In the latest incident, a tanker north of Qatar was struck by multiple projectiles, resulting in casualties, according to the United Kingdom Maritime Trade Operations agency. 

Gulf producers appear to be continuing shipments despite the risks, as alternative routes for moving their oil to international markets remain limited. 

Oil Stock Release Offers Temporary Support 

The IEA's decision to release oil stocks is expected to provide additional barrels to the market temporarily. However, the release is understood to include barrels from the group's original 400-million-barrel release plan announced at the beginning of the Middle East conflict. 

Strategic stock releases can support supply flows for a limited period but do not add new production capacity. 

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US Oil Inventories Fall More Than Expected 

US inventory data also provided support to oil prices. Crude inventories in the world's largest oil consumer and producer fell by 3.2 million barrels to 424.1 million barrels in the week ended October 2, 2026, according to the Energy Information Administration. 

The decline was larger than the 1.7 million-barrel reduction expected in a Reuters poll. Distillate inventories, including diesel and jet fuel, fell by 42,000 barrels to 105.14 million barrels, remaining well below levels typically recorded for this period over the past five years. 

Conclusion 

Oil prices remain sensitive to developments around Gulf shipping and the Strait of Hormuz. Supply risks, strategic stock releases and lower US inventories are likely to remain key factors for crude markets as the Middle East conflict continues. 

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