Global stocks fall as surging oil prices unsettle markets, though Tesco bucks the trend

From the Newshound archive · first published 9 October 2026.

Brent crude surged more than 4% to $105.57 a barrel on Thursday after reports emerged that the White House had asked the Pentagon to draw up strike options against Iranian targets, with action reportedly under consideration before the November 3 US midterm elections. The FTSE 100 shed 0.2% to close at 10,441.60, as climbing oil prices fanned inflation concerns and triggered a bond market sell-off that sent shockwaves through equity markets in London, Paris and New York. Central Command was reportedly ordered by the Pentagon to complete preparations for a possible return to combat operations in Iran.

Tesco bucked the gloom, surging 5.2% after well-received half-year results, topping the FTSE 100 leaderboard.

Missile strikes on Riyadh airport were launched by Yemen's Houthis, who also issued warnings to oil facility workers in Saudi Arabia to leave the area.

A tropical storm developing near the Gulf of Mexico has already knocked out 25% of regional oil production, adding further fuel to the price spike.