Oil prices surged Thursday as a record number of tanker attacks in the Strait of Hormuz raised concerns about global energy supplies, according to CNN.
Brent crude climbed as much as 5% before settling 4.8% higher at about $105 a barrel. US West Texas Intermediate also gained roughly 5%, reaching $92.48.
Kpler reported that 10 tankers were attacked between September 28 and October 4, exceeding the previous weekly record of six. A tanker was struck by multiple projectiles Wednesday, causing casualties, according to UK Maritime Trade Operations.
Oil markets are also watching Hurricane Isaias, which threatens the US Gulf Coast refining hub. Shell and Chevron have reduced production and evacuated nonessential workers.
European gas and diesel prices also climbed, adding to inflation concerns. The IEA said about 100 million barrels from previously announced emergency reserves remain to be released.
Related Tweet:
Oil prices jump on tanker attack and slowing flows through Strait of Hormuz https://t.co/6QzWjDLW9M
— Financial Times (@FT) October 8, 2026
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