Global oil prices rose on the 8th (local time) amid growing concerns over potential disruptions to crude oil supply, driven by the possibility of the U.S. resuming large-scale military operations against Iran and expanding attacks on oil tankers in the Middle East.

While crude prices spiked by more than 5% during intraday trading, they trimmed some of their gains after U.S. President Donald Trump stated that he would not attack Iran prior to the midterm elections in November.

On this day, the settlement price for West Texas Intermediate (WTI) futures for November delivery on the New York Mercantile Exchange closed up $3.21 (3.64%) at $91.49 a barrel compared to the previous session.

Brent crude futures for December delivery, the benchmark for global oil prices, rose $4.08 (4.07%) to close at $104.28 a barrel.

Earlier, U.S. online media outlet Axios reported that the U.S. Department of Defense instructed the U.S. Central Command (CENTCOM), which oversees the Middle East, a few days ago to prepare for the resumption of large-scale military operations against Iran.

As President Trump reviews potential additional attacks on Iran, anxieties escalated that actual military operations could further disrupt crude oil supplies in the Middle East.

Tanker attacks that had previously been concentrated in the Strait of Hormuz expanding deeper into the Persian Gulf also fueled the rise in oil prices.

The United Kingdom Maritime Trade Operations (UKMTO) reported that an oil tanker navigating waters north of Qatar was struck by multiple projectiles the previous day, resulting in casualties.

However, the UKMTO did not disclose the nationality of the targeted vessel or the identity of the attackers.

Hurricanes causing successive shutdowns of crude production facilities in the U.S. Gulf of Mexico also exerted upward pressure on oil prices.

Consequently, WTI showed an increase of over 5% during the session.

However, oil prices pared some of their gains after President Trump announced his stance to withhold attacks on Iran.

Writing on social media platform Truth Social on this day, President Trump stated, "We are having productive discussions with Iran," adding, "We will not attack Iran at any time prior to the midterm elections taking place in the United States on November 3."

(Photo: Provided by U.S. Central Command, AP, Yonhap News)