Oil prices rose on Thursday on persistent worries about supply from the key Middle East producing region amid an increase in attacks on shipping in the Gulf and the Strait of Hormuz.
Brent crude futures rose $1.33, or 1.33%, at $101.53 a barrel by 0116 GMT, while US West Texas Intermediate (WTI) crude futures gained $1.11, or 1.26%, to $89.39.
Prices settled lower on Wednesday after the International Energy Agency agreed to accelerate the release of oil stocks and to prioritize diesel supplies under a plan launched in March, as governments seek to tackle record fuel prices and supply disruptions caused by the Iran war.
However, threats to oil shipping in the Gulf and the Strait of Hormuz, which carried shipments equal to about 20% of global oil and fuel before the war, have increased in October as the US-Israeli conflict with Iran enters its eighth month.
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Attacks on tankers sailing through the Strait of Hormuz hit their highest last week of any week since the Iran war began as Gulf producers increase exports. The increase in attacks is occurring as more crude is flowing out of the Gulf but at higher costs and risk to cargoes and crew.
In the latest attack, a tanker north of Qatar was struck by multiple projectiles, causing casualties, the United Kingdom Maritime Trade Operations agency said on Wednesday.
“In the past, such attacks have resulted in a reduction in shipments from the Persian Gulf. This time around, producers appear to be willing to take the risk of their vessels being damaged, as there is no alternative way to get their oil to international markets,” the senior commodity strategist at bank ANZ, Daniel Hynes, said in a note on Thursday, October 8, 2026.
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