Brent crude hits $104.18 as only seven ships cross Hormuz
US benchmark crude gained 3.9 percent to $91.70, stocks fell in Europe and Asia, and Saudi Arabia is negotiating deliveries from points outside the Strait of Hormuz.
A barrel of Brent crude rose nearly four percent on Thursday, October 8, 2026, and now costs $104.18. US benchmark crude gained 3.9 percent to $91.70 a barrel, and traders are still pricing in supply disruptions.
The jump in oil was not the only move that morning. Stocks fell in Europe and Asia, and US futures, the contracts that show how investors are expected to react when Wall Street opens, were also in the red. American stocks had already dropped the day before, partly because of rising government bond yields, which make borrowing more expensive and reduce appetite for equities.
The United States and Iran have not reached a deal to end the conflict. The Atlantic reported that the White House, according to two unnamed officials, has asked the Pentagon for options for strikes on Iran before the November congressional elections.
How many ships passed through the Strait of Hormuz?
According to data from the analytics firm Kpler, seven cargo ships carrying raw materials passed through the Strait of Hormuz on Tuesday. That is the lowest number since July 23, as reported by Reuters. The drop in traffic followed attacks on tankers last week, the most since the start of the conflict between the United States and Israel on one side and Iran on the other.
Kpler analysts Emanuel Belostrino and Jui Torikata wrote in their latest report:
“The volume of crude oil passing through the strait has fallen 27 percent from the peak recorded during last week’s fighting, dropping to a minimum of 10.1 million barrels per day.”
Kpler is therefore recording a decline on two fronts: in the number of vessels, the lowest since July 23, and in crude volumes, which are 27 percent below last week’s peak.
Why is Saudi Arabia looking for deliveries outside the strait?
The same day, Bloomberg reported, citing sources familiar with the talks who asked not to be named, that Saudi Arabia is negotiating with buyers over oil deliveries from points outside the Strait of Hormuz. The talks concern long-term contracts that would run from next year. According to the same sources, the negotiations should be finished by the end of the year.
Bloomberg assesses that a deal would change how the kingdom delivers crude, since long-term contracts make up most of its exports. The arrangement used during the war with Iran would become a permanent model, with the aim of letting Riyadh increase its share of the world market.
We previously wrote about the dispute between Rubio and Garda over whether Hormuz is open. Kpler’s figures for Tuesday, seven ships and a minimum of 10.1 million barrels per day, put numbers on that dispute, while Brent at $104.18 and US crude at $91.70 show how the market received them.
