Oil jumps about 4 percent as Iran steps up tanker attacks in the Strait of Hormuz
Oil rose sharply on October 8 as Iranian attacks on tankers in Hormuz intensified (DTN, CNN, UPI, Oilprice). Brent settled at $104.28 (+4.1%) and WTI at $91.50 (+3.60%). Kpler counted 10 tankers hit between Sept 28 and Oct 4. The British navy reported casualties on a chemical tanker. A hurricane shut a quarter of US offshore production. UPI said the White House is weighing more action against Iran.
Oil sets government revenue and pump prices at once. A 4 percent daily jump erases much of the relief hoped for from the stock release earlier in the week.
Expect pressure on petrol and diesel prices at independent stations. The NNPC discount is a buffer, not a cure.
Traders say the attacks show real physical risk to supply.
Others point to the IEA stock release and say prices are over-reacting to headlines.
This is the week's sharpest reminder that a petrol policy built on oil near $90 is fragile at $104 Brent. Watch Brent against $105 and any White House move on Iran.
DailyDrop Nigeria edition No. 5 · Morning · FRI., OCT. 9, 2026