{
  "id": 12995509,
  "title": "Trump, Tehran and US$105 oil: Fresh war fears rattle global markets",
  "url": "https://urgent.news/2026/10/09/trump-tehran-and-us-105-oil-fresh-war-fears-rattle-global-markets",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-09T01:11:47.000Z",
  "source": {
    "name": "Malay Mail",
    "slug": "malay-mail-malaymail",
    "url": "https://www.malaymail.com/news/money/2026/10/09/trump-tehran-and-us105-oil-fresh-war-fears-rattle-global-markets/238315"
  },
  "original_language": "en",
  "account": "Oil prices surged to a high of US$105.88 per barrel on October 9, driven by concerns that the United States might launch attacks on Iran before the midterm elections in November, potentially disrupting oil supplies. However, the price surge eased after US President Donald Trump ruled out any pre-election attacks, stating that Washington was engaged in \"productive discussions\" with Tehran. The main US contract, West Texas Intermediate, peaked at US$93.20 per barrel but ultimately closed at US$91.49.\n\nThe Atlantic magazine reported that the White House had instructed the Pentagon to prepare options for targeting Iranian sites ahead of the midterms on November 3. However, with Trump's Republican party facing a potential loss of both houses of Congress, an escalation in the US-Iran conflict could put additional pressure on the president.\n\nAmericans are already grappling with record-high diesel prices, and the surge in energy costs may have contributed to Trump's declaration that \"we will not be attacking Iran at any time prior to the Midterm Elections,\" according to his Truth Social platform. Despite this statement, oil markets are reacting to worries over Trump's intentions, as well as to the possibility of increased Iranian attacks on traffic through the Strait of Hormuz, according to Andy Lipow of Lipow Oil Associates. Another concern is Hurricane Isaias, which is expected to pass through the Gulf of Mexico and potentially shut down a significant amount of oil production.\n\nThe renewed rise in oil prices has intensified inflation concerns and added upward pressure on bond yields, with Forex.com analyst Fawad Razaqzada noting that yields on government bonds have recently reached levels not seen in over 20 years. Yields on government bonds have become a source of worry for investors, as they fear that sustained inflation may prompt central banks to raise interest rates, potentially slowing economic growth and negatively affecting equity market valuations.\n\nThe surge in oil prices weighed on stock markets, with Wall Street's main indexes mostly closing lower. European markets finished the day in the red, including London, although higher oil prices benefitted energy majors. Asian leading stock markets followed Wall Street's lead, tracking losses on Wednesday as technology firms pulled back from recent gains. Shares in Samsung declined as the South Korean giant forecast a substantial increase in quarterly profit that fell short of market expectations. On Wall Street, shares in SpaceX dropped 4.2 percent following a Financial Times report that Elon Musk's company was seeking US$40 billion in bank loans and debt to fund further purchases of AI chips from Nvidia. Additionally, a Financial Times report that OpenAI was receiving about US$20 billion less in annualized revenue than previously believed contributed to market losses. Adam Sarhan of 50 Park Investments commented that \"it raises the question about all AI companies. If OpenAI is missing revenue estimates, what does that mean for the other AI companies?\"",
  "summary": "NEW YORK, Oct 9 — Oil prices soared yesterday following reports that the United States could launch fresh attacks...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}