Brent crude surged 4.07% to $104.30 a barrel on Thursday, October 8, 2026, while West Texas Intermediate (WTI) rose 3.90% to $91.72, as oil markets staged a sharp rebound amid renewed concerns over Middle East supply risks.
The rally pushed Brent firmly back above the $100 mark after a volatile run of sessions, with traders reassessing the geopolitical risk premium surrounding the unresolved U.S.-Iran situation.
The latest gains came despite signs that physical oil supplies from the region have been recovering.
Higher crude loadings through the Strait of Hormuz and continued exports through Saudi Arabia’s East-West pipeline had recently eased fears of a prolonged supply shock and contributed to the decline in prices.
However, the renewed rally suggests traders are again pricing in the possibility of extended disruption as diplomatic efforts remain stalled.
Oil prices have been particularly volatile since mid-September, swinging sharply as markets respond to changing expectations over Middle East supply, the security of key export routes and diplomatic developments.
Brent had fallen to $97.41 a barrel on Tuesday before recovering to $101.20 on Wednesday. Thursday’s 4.07% jump took the benchmark further above the psychologically important $100 level.
WTI followed a similar path, rising from $86.91 on Tuesday to $89.56 on Wednesday before Thursday’s stronger rebound to $91.72.
Markets will now watch for fresh signals from U.S.-Iran mediation efforts and further confirmation of crude export volumes from Gulf producers.
