FTSE 100 slides as Brent crude hits $105 on fears the White House is planning strikes on Iran

From the Newshound archive · first published 8 October 2026.

Global stock markets fell sharply on Thursday after reports that the White House had asked the Pentagon to draw up strike options against Iranian targets, with Brent crude jumping 4% to above $105 a barrel. The FTSE 100 closed down 0.2% at 10,441.60, masking heavier intraday losses, while European markets fared worse, with Frankfurt's DAX dropping 1.2%.

Two administration officials said US strikes on Iran could come before the November 3 midterm elections.

The Pentagon has reportedly ordered Central Command to complete its readiness planning for a potential restart of combat operations against Iran.

A tropical storm near the Gulf of Mexico forced Chevron and Shell to cut offshore output, delivering a second supply shock to already jittery energy markets.