Brent Holds Above $101 as IEA Says It Stands Ready to Release More Reserves, Prioritising Diesel

Brent crude futures rose to $101.53 a barrel at 01:16 GMT on Thursday, 8 October 2026, and US West Texas Intermediate (WTI) climbed to $89.39, Al Jazeera reported. EcoIran also wrote on Wednesday that Brent had moved above $100 on news of tension in the Strait of Hormuz.

The head of the International Energy Agency said on Wednesday, 7 October 2026, that member countries stand ready to release more oil from their reserves if necessary and will prioritise diesel because of tight supply. According to Al Jazeera, the G7, in coordination with the agency, had agreed on Friday, 2 October 2026, to immediately release 100 million barrels of diesel and crude oil. The announcement calmed prices that had climbed after the UKMTO report on maritime attacks.

In US markets, Wall Street closed lower on Wednesday after Tuesday's records, with Treasury yields at their highest in 24 years as investors worry about the effect of expensive oil on inflation and interest rates. Kpler data show Gulf oil flows excluding Iran recovered to more than 81 percent of pre-war levels in September. Oil staying high matters for Iran through export revenue and through the gold and currency markets.