Oil Prices Jump on Outburst of Violence in the Middle East

Oil prices surged and stock prices fell on Thursday after an escalation of the conflict in the Middle East appeared to raise fresh concerns over supply disruptions.

Saudi Arabia’s capital was rattled as a war between the Iran-backed Houthi militia in Yemen and a Saudi-led military coalition intensified. A Houthi military spokesman said early Thursday that the group had attacked Riyadh’s airport with a ballistic missile.

Brent crude, the global benchmark, climbed 4 percent higher on Thursday to above $105 a barrel, before retreating a little after President Trump said on his social media site that the United States would not attack Iran before the midterm elections.

The SP 500 ended the day about 0.5 percent lower, and stocks in Europe and Asia declined.

Over the past month, oil flows have increased through the Strait of Hormuz, a vital waterway for oil and gas exports that Iran had blocked for months. More shipping operators have decided to take on the risk of transiting the strait in part because U.S. forces have been providing guidance and protection.

Article source: https://www.nytimes.com/2026/10/08/business/iran-war-oil-prices.html