In oil trading on Oct. 8, North Sea Brent futures closed up about 4% at 04.28 a barrel and WTI futures closed up 3.6% at $91.49 (CNBC). Iran stepped up attacks on tankers passing through the Strait of Hormuz, and by Kpler's tally nine ships were attacked in the past week. Oil leaving the strait came to 9.5 million barrels a day, about 30% less than before the war. In the U.S. Gulf of Mexico, about a quarter of production was shut in by Hurricane Isaias. On the 8th, U.S. President Donald Trump posted on social media, “I will not attack Iran before the Nov. 3 midterm elections,” and oil came off its high. According to the Asahi Shimbun, Iran's foreign minister said he would “respond within days” to indirect talks with the United States. In Manila, a ministerial meeting of 11 AZEC countries agreed to study strengthening oil reserves and a framework for a coordinated release in an emergency. The United States imposed new sanctions on Iran's “shadow fleet.”
Japan buys more than 90% of its crude from the Middle East. It is not only the price: whether ships can pass through the strait determines Japan's supply. The Manila agreement means Japan is involved not only in its own reserves but in building those of neighboring countries. If fuel runs out somewhere in Asia, it bounces back to Japan through factories and logistics.
Gasoline, kerosene and electricity bills move a few weeks after oil rises. A weak yen on top makes the effect bigger. It is the season to think about winter heating costs. For households, rather than rushing to stock up on kerosene, it is not too late to wait a few weeks, watch the price movements and then decide.
Trump ruled out an attack before the election, and Iran has promised a reply. While the diplomatic window is open, oil's upside is limited.
Attacks on tankers continue, and the flow through the strait remains at 70% of prewar levels. A single post changes only part of the price; the number of ships has not changed.
Today's number is “nine ships.” The price fell on a post, but the number of ships attacked has not fallen. What to watch is the content of Iran's “reply” and whether the oil leaving the strait returns to the 10-million-barrel-a-day range. The AZEC agreement is at the “study” stage, and until the volumes and conditions of release are decided, Japan's reserves remain Asia's last backstop.
CNBC (Oct. 8, price and Kpler tally) · NHK (Trump post, AZEC ministerial meeting) · Reuters (Trump remarks, Lufthansa suspension, shadow-fleet sanctions, Asian reserves) · Asahi Shimbun (Iranian foreign minister) · BusinessWorld · Arab News (Manila meeting) (Oct. 7–9)
World · EnergyPress ✓ 5 outlets · price from CNBC, ship count from Kpler tally, foreign minister's remarks from Asahi alone
Brent Crude Climbs 4% Into the $104 Range as Tanker Attacks Continue at Hormuz; 11 Countries Including Japan Agree to Bolster Reserves
Tension in the Middle East pushed oil up another step. Trump's “no attack before the election” narrowed the gain, but ships have not fully returned to the strait. In Manila, Japan and other Asian countries lined up on reserves.
In oil trading on Oct. 8, North Sea Brent futures, the international benchmark, closed up about 4% from the previous day at $104.28 a barrel, and U.S. WTI futures closed up 3.6% at $91.49 (CNBC). Iran has stepped up attacks on tankers passing through the Strait of Hormuz. CNBC, citing a tally by data firm Kpler, reported that nine ships were attacked around the strait in the past week. Oil leaving the strait in the week to the 6th came to 9.5 million barrels a day, about 30% less than before the war. In the U.S. Gulf of Mexico, about a quarter of production was shut in as Hurricane Isaias approached. The day before, the Houthis, a pro-Iran armed group in Yemen, attacked two airports in Saudi Arabia, killing three people, and Lufthansa and others suspended Riyadh flights (Reuters, NHK). Japan relies on the Middle East for more than 90% of its imported crude. In the Tokyo foreign exchange market on the 8th, the yen was sold on expectations that higher oil would push up prices (NHK). Corporate bankruptcies in the first half of this fiscal year came to just over 5,300, topping 5,000 for a second straight year, and NHK cited rising input costs from the Middle East situation and the weak yen as the background. The price of oil has already reached the ledgers of Japan's small businesses.
What narrowed the gain was a post by U.S. President Donald Trump. On the 8th he wrote on social media, “I will not attack Iran before the Nov. 3 midterm elections,” and also claimed that “productive talks” are under way (NHK, Reuters). The day before, U.S. media had reported that the Pentagon had ordered preparations to resume attacks. According to the Asahi Shimbun, Iran's foreign minister said he would “respond within days” to indirect talks with the United States over the Strait of Hormuz. Also on the 8th, ministers from the 11 countries of the Asia Zero Emission Community (AZEC), led by Japan, met in Manila and agreed to study a framework to strengthen oil reserves and carry out a coordinated release in an emergency (NHK). What was adopted was a work plan to strengthen reserves; the conditions and volumes for a release have not been decided. How countries build up their stocks and how neighbors support those that fall short is yet to be worked out. A vice minister of economy, trade and industry explained that Saudi Arabia and the United Arab Emirates had shown willingness to cooperate in building Asian reserves. The same day, the United States imposed new sanctions on Iran's “shadow fleet” (Reuters).
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By the numbers
$104.28North Sea Brent futures' Oct. 8 close. Up about 4% on the day (CNBC)
9 shipsTankers attacked around the Strait of Hormuz in the past week (Kpler tally)
11 countriesCountries that attended the AZEC ministerial meeting in Manila and agreed to strengthen reserves
Fast Retailing announced consolidated results (International Financial Reporting Standards) for the fiscal year ended August 2026 on Oct. 8. Revenue rose 16.6% to ¥3.9633 trillion, operating profit rose 31.7% to ¥743.1 billion and net profit rose 25.3% to ¥542.5 billion, all records. Net profit set a record for the sixth straight year and topped ¥500 billion for the first time in Japanese retail. In yen-converted sales it surpassed Sweden's H&M (about ¥3.6 trillion in the fiscal year ended November 2025), reportedly becoming the world's No. 2 apparel specialty retailer. First place belongs to Inditex, owner of ZARA. For the year ending August 2027 it expects net profit to rise 3.2% to ¥560 billion.
Few Japanese retailers compete near the top of the world rankings. The weak yen lifted yen-converted sales, but the model of earning overseas has taken hold. On the other hand, this year's outlook is for profit growth of only about 3%, and the pace of growth slows.
Uniqlo's prices are set amid a weak yen and rising raw-material costs. Record profit is also the flip side of customers accepting price increases. Shareholders will watch how the market reacts to the modest outlook for this year.
Overseas stores have become the pillar of profit, and the company is strong even excluding exchange rates. No. 1 is within range.
The comparison with H&M spans different periods and currencies. If the weak yen reverses, the ranking could shift. The slowdown in growth this year shows its real strength.
Today's number is “3.2%.” More than the record, the smallness of this year's growth says what comes next. What to watch is the share-price reaction in Tokyo on the 9th and the turnaround at GU. The gap between No. 2 and No. 1 can only be closed through store openings and gross margin, not exchange rates.
Jiji Press (2026100800778) · NHK (Oct. 9) · Asahi Shimbun (passes H&M for No. 2, “two powers” with ZARA) · The Japan Times (Uniqlo on track to overtake H&M) · Reuters (outlook for this year) (Oct. 8–9)
Economy · BusinessPress ✓ 4 outlets · figures from the company, world ranking from press estimates
Fast Retailing Posts Record Net Profit of ¥542.5 Billion; Uniqlo Passes H&M to Rank No. 2 Worldwide
Fast Retailing announced consolidated results for the fiscal year ended August 2026 on the 8th. Its revenue rose 16.6% from the previous year to ¥3.9633 trillion, operating profit rose 31.7% to ¥743.1 billion and net profit rose 25.3% to ¥542.5 billion, all records (Jiji Press, NHK). Net profit hit a record for the sixth straight year and topped ¥500 billion for the first time in Japanese retail. Uniqlo did well at home and abroad. A leading SPA, handling everything from planning and manufacturing to sales in-house, it overtook Sweden's H&M (about ¥3.6 trillion for the fiscal year ended November 2025) in yen-converted sales to become the world's No. 2 apparel specialty retailer, the Asahi Shimbun and others reported. In first place is Spain's Inditex, which runs ZARA. For the year ending August 2027 it expects net profit to rise 3.2% to ¥560 billion. Growth slows sharply from the previous year. Reuters reported an outlook for a record profit for a seventh straight year. The pattern of overseas sales outweighing domestic ones has advanced further, and Jiji Press cited strong overseas results as the pillar of the record profit. The Asahi Shimbun said Uniqlo had entered an “era of two powers” with No. 1 ZARA, while raising the sluggish growth of the low-price brand GU as a worry on the road to No. 1. Yen-converted figures swollen by the weak yen shrink if the exchange rate recovers. The race for rank is decided not by currency but by store openings and products.
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Word of the day
SPAMAKER-RETAILERA business model in which one company handles everything from product planning and materials sourcing to production, logistics and in-store sales. It cuts out middlemen's margins and can change output as it sees what sells. Uniqlo, ZARA and H&M compete at the top of the world rankings in this form.