Oil prices surged on Thursday as attacks on tanker traffic in the Strait of Hormuz disrupted shipments, while U.S. technology stocks extended their retreat from record highs and Treasury yields reversed sharply after reaching a 24-year peak.
Brent crude settled 4.1% higher at $104.28 a barrel, while U.S. benchmark West Texas Intermediate rose 3.6% to $91.49, according to Associated Press market data.
The rally followed fresh attacks on commercial vessels in the Strait of Hormuz that cut daily tanker traffic to a fraction of pre-war levels, according to reports. Worries that Hurricane Isaias could shut offshore production in the Gulf of Mexico added to supply fears, with Shell and Chevron pulling workers from platforms ahead of the storm’s expected landfall.
U.S. stocks finished mixed after the S&P 500 and Nasdaq closed at records on Tuesday. At Thursday’s close, the Nasdaq Composite fell 1.25% to 27,193.34 and the S&P 500 lost 0.47% to 7,765.36, while the Dow Jones Industrial Average edged up 0.10% to 51,231.64. The retreat was concentrated in technology and semiconductor shares.
The 10-year Treasury yield briefly reached about 5.35%, its highest level since 2002, before falling back to roughly 5.23% by late trading. Demand at a 30-year Treasury auction helped pull yields lower, while President Trump’s statement that the United States would not attack Iran before the Nov. 3 midterm elections also eased some market anxiety.
Why it matters: A sustained oil-price increase can raise transportation and energy costs and complicate the inflation outlook. Elevated Treasury yields also tend to keep borrowing costs high and can pressure equity valuations.
This report was updated after the U.S. market close on Oct. 8.
Source note: Closing market figures are for Oct. 8, 2026. Reporting was checked against Reuters’ Oct. 8 market report, The Associated Press’ Oct. 8 market report, and the National Hurricane Center’s Oct. 8 Isaias advisory.
