Oil Gains as Iran Reportedly Vows to Keep Hormuz Control
MT newswire2026/10/08 19:5803:58 PM EDT, 10/08/2026 (MT Newswires) -- Oil prices were advancing Thursday as Iran reportedly vowed to keep control of the crucial Strait of Hormuz, while US President Donald Trump ruled out strikes against Iran before the midterm elections. West Texas Intermediate crude oil was up 3.4% at $91.27 a barrel intraday, while Brent jumped 3.9% to $104.07. The two benchmarks are up again so far in October following three consecutive monthly gains. Iran has no intention of giving up control of the Strait of Hormuz, with plans to block new routes for oil exports, Reuters reported Thursday, citing a senior diplomat in the region briefed by Tehran. "This could involve missile and drone attacks on ships, or sending boats to scare ships away," the diplomat reportedly said. Iran has ramped up attacks on vessels transiting the Strait of Hormuz, the world's most important chokepoint for crude flows. Last week saw the biggest number of such attacks in the narrow waterway since the US-Iran war started at the end of February, reducing the number of vessels trying to get through to the lowest in more than two months, according to the Reuters report. Trump said Thursday the US will not attack Iran before the midterm elections scheduled for Nov. 3. The US is having "productive discussions" with Tehran, Trump wrote in a social media post. It followed reports that Trump and his national security team were weighing large-scale military operations against Iran. Adding to supply concerns, Hurricane Isaias threatened US offshore production in the Gulf of Mexico, CNBC reported. Isaias is expected to make landfall on the northern Gulf Coast by this weekend, according to CNN. "Combined with recent attacks on vessels in the Strait of Hormuz, these developments underline just how far the global oil market remains from normalization," Saxo Bank said in a report Thursday. "Crude continues to be shipped at exceptionally high cost, while curtailed fuel exports are keeping product markets tight."
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