Oil Surges to $105 Amid Middle East Tensions and Market Jitters
WHO:
NBC News - President Trump is considering renewed military strikes on Iran.
NBC News - Bank of America head of global commodities Francisco Blanch provided insights on market risks.
WHAT:
NBC News - The price of Brent crude oil rose more than 5% to over $105 per barrel, while U.S. crude oil rose almost 5% to nearly $93 per barrel.
NBC News - The yield on every other Treasury bond also rose alongside the 10-year Treasury yield, which jumped to 5.35%.
NBC News - The cost to ship crude oil from the U.S. to Asia reached $77 million, up from an average of $9.2 million in 2025.
NBC News - Daily traffic in the Strait of Hormuz averaged fewer than 23 ships a day from Sept. 28 through Oct. 4, a significant drop from hundreds of ships per day before the war.
NBC News - Oil prices surged to over $105 per barrel for Brent crude and nearly $93 per barrel for U.S. crude.
NBC News - Benchmark diesel futures increased by 4.5% in European trading.
NBC News - The 10-year Treasury yield rose to 5.35%.
NBC News - S&P 500 futures fell by 0.6%, Nasdaq 100 futures slid by 0.8%, and Russell 2000 futures dropped by 1%.
NBC News - Daily traffic in the Strait of Hormuz averaged fewer than 23 ships from Sept. 28 through Oct. 4.
NBC News - The cost to ship crude oil from the U.S. to Asia reached $77 million, up from an average of $9.2 million in 2025.
NBC News - The national average price for regular unleaded gas was $4.36 per gallon, over 45% higher than when the war began on Feb. 28.
NBC News - Diesel fuel prices reached $6.28 per gallon, a nearly 70% increase since Feb. 28.
WHERE:
NBC News - The Strait of Hormuz is a critical artery for global oil supplies.
WHY:
NBC News - The prospect of U.S. forces resuming combat operations in Iran was first reported Wednesday by The Atlantic, indicating a potential escalation in the conflict.
NBC News - The surge in oil prices is attributed to fears of escalation in the Middle East and potential U.S. military operations in Iran.
NBC News - Smaller scale Iranian attacks on commercial shipping have reduced traffic through the Strait of Hormuz.
HOW:
NBC News - The market remains exposed to significant risks due to potential escalations in fighting in Iran, as noted by Francisco Blanch.
(UPDATED October 8, 2026 19:06 UTC)
The price of Brent crude oil has surged more than 5% to over $105 per barrel, while U.S. crude oil has also risen nearly 5% to almost $93 per barrel. In addition, the yield on the 10-year Treasury bond has jumped to 5.35%, with other Treasury yields rising in tandem. This comes amid reports of a potential escalation in the conflict, as the prospect of U.S. forces resuming combat operations in Iran was highlighted, coinciding with a significant drop in daily traffic in the Strait of Hormuz.
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(UPDATED October 8, 2026 18:03 UTC)
President Trump is considering renewed military strikes on Iran, which has contributed to a surge in oil prices, with Brent crude now exceeding $105 per barrel and U.S. crude nearing $93. The national average price for regular unleaded gas has climbed to $4.36 per gallon, reflecting a significant increase since the onset of the war, while diesel fuel prices have reached $6.28 per gallon, nearly 70% higher since February. Market expert Francisco Blanch warns that the ongoing tensions and smaller scale Iranian attacks on commercial shipping are keeping the market exposed to substantial risks.