Key Highlights

  • West Texas Intermediate crude settled up 3.64% at USD 91.49 on October 8, 2026, while Brent rose about 4% to USD 104.28 on Iran and Strait of Hormuz tension, based on one recap.
  • Energy Select Sector SPDR Fund (NYSEARCA:XLE) closed up about 3%, and energy led the S&P 500 sectors with a gain of 2.6% to 3.0% depending on the print.
  • Prices eased after a report that President Trump said there would be no strike on Iran before the November 3 midterm elections, a remark from a single source.
  • Another recap says crude was above 102, which matches Brent and not WTI, so readers should confirm which contract a number refers to before comparing figures.

What Moved Oil

Oil rose on October 8, 2026 as tension involving Iran and the Strait of Hormuz raised the risk of Supply disruption. The strait carries a large share of the world's seaborne oil, so any threat to traffic lifts prices. West Texas Intermediate, the US benchmark, settled up 3.64% at USD 91.49, and Brent, the international benchmark, rose about 4% to USD 104.28. Prices then eased after a single-source report that President Trump said there would be no strike on Iran before the November 3 midterms. That remark is unconfirmed, and traders treated it as a reason to trim risk, not as a resolution of the underlying dispute. Remarks of this kind can change within hours.

Why XLE Gained

Energy Select Sector SPDR Fund (NYSEARCA:XLE) holds large US oil and gas companies, whose Revenue rises with crude prices while many costs stay fixed. That Operating Leverage explains why the fund closed up about 3%, ahead of most sectors. Energy was the top sector on the day, with gains between 2.6% and 3.0% depending on the print. Refiners and producers respond differently, because refiners earn margins between crude and fuel, so a quick jump in crude can squeeze them. The fund combines these Business models, and its largest holdings account for much of its result. Oil above USD 100 for Brent also feeds Inflation and rate-hike fears, which weigh on other sectors.

Risks and What to Watch

Oil can reverse as quickly as it spikes. A diplomatic signal, a release of strategic stocks or weaker Demand could pull prices lower and hit Energy Select Sector SPDR Fund (NYSEARCA:XLE). A real supply disruption could push them much higher, adding to inflation. Sources conflict on the settlement details, since one recap lists November futures at USD 90.81 and another says crude was above 102, which refers to Brent. Watch weekly inventory data, headlines on Hormuz traffic, the September consumer price report on October 14 and the Fed meeting on October 27 and 28. Higher oil also raises costs for airlines, shippers and consumers, which is why energy gains can coincide with weakness elsewhere.

Where Things Stand

Oil may keep rising, or reverse, if the Iran and Hormuz risk persists, but the October 8 session showed how fast it can ease on a single political headline. Energy Select Sector SPDR Fund (NYSEARCA:XLE) rose about 3%, a move that follows crude higher, and it would fall if crude fell. Settlement numbers differ across recaps, so the exact contract and level should be verified. Inflation data and the Fed meeting add pressure because oil feeds both.