Oil prices rise on October 7 and 8, with Brent crude above $101 a barrel
In short
Brent crude futures rose 93 cents, or 0.92 percent, to $101.51 a barrel by 00:22 GMT on Wednesday, October 7, and US West Texas Intermediate rose 82 cents to $90.25, WAM reported. Economy Middle East linked the gains to a Gulf of Mexico storm threatening US output and renewed attacks in Saudi Arabia. On Thursday, October 8, The National reported Brent up more than 2 percent at $102.20 after reports of Pentagon plans for US strikes on Iran.
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Oil prices rose on Wednesday, October 7, with Brent crude futures gaining 93 cents, or 0.92 percent, to $101.51 a barrel by 00:22 GMT, the Emirates News Agency WAM reported. US West Texas Intermediate crude rose 82 cents, or 0.92 percent, to $90.25 a barrel. Later that morning, Economy Middle East reported Brent up $1.05, or 1.04 percent, at $101.63 by 5:35 GMT, and WTI up $0.80, or 0.89 percent, at $90.24. [ 1 , 2 , 3 ]
Economy Middle East attributed the gains to a storm developing in the Gulf of Mexico that threatened US production and refining, and to renewed attacks in Saudi Arabia. Forecasters said on Tuesday that the storm was expected to become the first Atlantic hurricane of 2026 within two days. Offshore areas in its projected path account for around 15 percent of US crude oil production and 5 percent of the country's natural gas supply, and as many as six refineries could be affected. KCM Trade chief analyst Tim Waterer said the storm raised the possibility of both production and refinery disruptions at a time when supply was already under pressure. The outlet said the gains came despite a continuing recovery in Middle East oil exports. [ 3 ]
US crude inventories also fell. Market sources citing American Petroleum Institute data said crude stocks dropped by 2.09 million barrels in the week ended October 2. The US Energy Information Administration put total US operable refining capacity at 18.2 million barrels per calendar day at the start of 2026, with Gulf Coast capacity close to 9.9 million barrels per day by July. [ 3 ]
Prices rose again on Thursday, October 8. The National reported Brent up more than 2 percent at $102.20 a barrel at 8.10am UAE time, after it had fallen below $100 earlier in the week, while a WAM headline put Brent at $101.53. The National linked the rise to a report by The Atlantic that the US Defence Department was identifying targets for attacks in Iran, possibly before the midterm elections; quoting unnamed US officials, The Atlantic said the size of any strikes was still being discussed. US President Donald Trump had earlier indicated that strikes would resume only after the midterms, The National said. [ 4 , 5 ]
The National also reported that strikes on tankers in the Strait of Hormuz had reached their highest weekly rate since the conflict began on February 28. Seven commodity ships passed through the strait on Tuesday, the lowest figure since July 23, according to analytics firm Kpler. The UK Maritime Trade Operations agency said on Wednesday that a tanker north of Qatar had been struck by multiple projectiles, causing casualties. [ 4 ]
Why it matters
Brent has hovered above $100 a barrel, and the documents point to several supply risks at once: a storm in the Gulf of Mexico that could affect US production and refineries, and attacks on tankers in the Strait of Hormuz. The National reported that possible US strikes on Iran before the midterm elections are adding to the pressure on prices.
Key facts
- Brent crude futures rose 93 cents, or 0.92 percent, to $101.51 a barrel by 00:22 GMT on October 7. [ 1 , 2 ]
- US West Texas Intermediate crude rose 82 cents, or 0.92 percent, to $90.25 a barrel by 00:22 GMT on October 7. [ 1 , 2 ]
- By 5:35 GMT on October 7, Brent was up $1.05, or 1.04 percent, at $101.63, and WTI was up $0.80, or 0.89 percent, at $90.24, Economy Middle East reported. [ 3 ]
- A storm in the Gulf of Mexico was expected to become the first Atlantic hurricane of 2026 within two days; offshore areas in its projected path account for around 15 percent of US crude oil production. [ 3 ]
- American Petroleum Institute data cited by market sources showed US crude stocks fell by 2.09 million barrels in the week ended October 2. [ 3 ]
- Brent climbed more than 2 percent to $102.20 a barrel at 8.10am UAE time on October 8, The National reported. [ 4 ]
- The Atlantic reported that the US Defence Department was identifying targets for attacks in Iran, according to The National. [ 4 ]
- Seven commodity ships passed through the Strait of Hormuz on Tuesday, the lowest figure since July 23, according to Kpler data. [ 4 ]
Confirmed by several sources
- Brent crude futures rose 93 cents, or 0.92 percent, to $101.51 a barrel by 00:22 GMT on October 7. [ 1 , 2 ]
- WTI crude rose 82 cents, or 0.92 percent, to $90.25 a barrel by 00:22 GMT on October 7. [ 1 , 2 ]
- Oil prices rose on October 7, with Brent above $101 a barrel. [ 1 , 2 , 3 ]
- Oil prices rose again on October 8. [ 4 , 5 ]
Still unclear
- Brent's level on October 8. The National reported $102.20 at 8.10am UAE time, while a WAM headline gave $101.53 without a time or further detail.
- WTI's move on October 8. The National's report says WTI 'rose 1.64 per cent lower to $8.73 a barrel', which is internally inconsistent and cannot be relied on.
- Whether the US will strike Iran before the midterm elections. This rests on a single report by The Atlantic, cited by The National, quoting unnamed US officials; the size of any strikes was still being discussed.
- How much the Gulf of Mexico storm will affect US production and refining. Forecasters said only that the storm could affect oil and gas facilities, and that as many as six refineries could be affected.
What local media are saying
Timeline, local time
- October 7: WAM reports Brent up 93 cents at $101.51 a barrel and WTI up 82 cents at $90.25 by 00:22 GMT. [ 1 ]
- October 7: Economy Middle East reports Brent at $101.63 and WTI at $90.24 by 5:35 GMT, citing the Gulf of Mexico storm. [ 3 ]
- October 8: Brent stands at $102.20 a barrel, up more than 2 percent, according to The National. [ 4 ]
- October 8: The National links the rise to reports of Pentagon plans for US strikes on Iran. [ 4 ]
- October 8: WAM reports oil prices rising, with Brent at $101.53. [ 5 ]