Stories
Brent Crude Surges 5 Percent Above 105 Dollars Amid Middle East and US Hurricane Fears
M
Moneycontrol•08-10-2026, 16:41
Brent Crude Surges 5 Percent Above 105 Dollars Amid Middle East and US Hurricane Fears
- •Brent crude extended gains by 5 percent to trade above 105 dollars a barrel on October 8, marking its biggest single-day surge since September 11.
- •The price spike is driven by persistent supply worries in the Middle East following increased attacks on shipping in the Gulf and the Strait of Hormuz.
- •US West Texas Intermediate crude also gained over 5 percent to reach 92.75 dollars per barrel.
- •Market analysts attribute the high prices to looming US combat operations against Iran and production cuts caused by an approaching hurricane in the Gulf of Mexico.
- •Major energy companies including Shell and Chevron have started shutting down offshore operations as Hurricane Isaias approaches.
Key Questions Answered
Brent crude extended gains by 5% to trade above $105 per barrel on October 8 due to persistent supply worries from the Middle East, increased attacks on shipping in the Gulf and Strait of Hormuz, and US output cuts as Hurricane Isaias threatened offshore production.
As Hurricane Isaias approached, energy companies including Shell and Chevron curtailed their offshore operations in the Gulf of Mexico by shutting down their production platforms.
IG Chief Market Analyst Chris Beauchamp noted that the pending US storm alongside reports of Washington preparing to resume major combat operations against Iran are key factors keeping crude prices above $100.
