Business & Finance

Oil climbs past $100 as reports say U.S. weighs renewed Iran strikes

Brent crude traded above $100 and U.S. crude near $93 amid Hormuz disruption and Middle East attacks.

Updated Oct 8, 2026 · 12:15 UTC2 reports

The short version

Oil rose Thursday, with Brent crude trading above $100 a barrel in reports from CNBC and NBC News.[CNBC · NBC News]
Consumers face higher fuel costs, with the national average for regular gasoline at $4.36 a gallon, over 45% above its level when the Iran war began Feb. 28.[NBC News]
Hormuz traffic has fallen to fewer than 23 ships a day, while Houthi strikes on Saudi airports and Iranian tanker attacks raise supply concerns.[CNBC · NBC News]
NBC News reported, citing sources, that Trump and his national security team have discussed renewed large-scale Iran operations, a key unknown for future supply risk.[CNBC]

Brent crude for December delivery rose 1.36% to $101.54 a barrel on Thursday, according to CNBC.[CNBC]
U.S. West Texas Intermediate futures for November advanced 1.04% to $89.32 per barrel, according to CNBC.[CNBC]
In early trading, Brent crude rose more than 5% to over $105 a barrel and U.S. crude rose almost 5% to nearly $93 a barrel, according to NBC News.[NBC News]
NBC News reported, citing sources, that Trump and his national security team have talked about possibly restarting large-scale U.S. military operations in Iran in the coming weeks, including strikes before the midterm elections.[CNBC]
Iran-backed Houthis recently targeted airports in Saudi Arabia, and Tehran has been attacking tankers in the Strait of Hormuz.[CNBC]
From Sept. 28 through Oct. 4, daily traffic in the Strait of Hormuz averaged fewer than 23 ships, down from hundreds per day before the war, according to MarineTraffic data cited by NBC News.[NBC News]
On Thursday, the national average price for regular unleaded gasoline was $4.36 per gallon, more than 45% higher than when the United States and Israel launched the war against Iran on Feb. 28.[NBC News]

The reported Iran military options rest on unnamed sources and are not confirmed in the available reporting.[CNBC]
Oil price levels differ across reports, with Brent at $101.54 in CNBC's figures and over $105 in early trading per NBC News, so current prices remain preliminary.[CNBC · NBC News]

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.