{"id":2235,"date":"2026-10-07T09:03:46","date_gmt":"2026-10-07T04:03:46","guid":{"rendered":"https:\/\/ipp-news.com\/?p=2235"},"modified":"2026-10-07T09:03:46","modified_gmt":"2026-10-07T04:03:46","slug":"oil-prices-rise-as-storms-and-air-strikes-threaten-supply","status":"publish","type":"post","link":"https:\/\/ipp-news.com\/?p=2235","title":{"rendered":"Oil prices rise as storms and air strikes threaten supply"},"content":{"rendered":"
\n

Oil prices rose on Wednesday as the market weighed supply constraints from a storm heading for US oil-producing regions and attacks by Yemen\u2019s Iran-backed Houthis on Saudi Arabia against increased supplies of \u200bMiddle East crude.<\/strong><\/p>\n

Brent futures rose 93 cents, or 0.92%, to $101.51 a barrel. \u200cUS West Texas Intermediate (WTI) crude rose 82 cents, or 0.92%, to $90.25.<\/p>\n

US forecasters said on Tuesday a storm forming in the Gulf of Mexico<\/a> would become the first Atlantic hurricane of 2026 within two days and would likely hit oil and gas-producing facilities.<\/p>\n

The offshore \u200bareas in the Gulf in the storm\u2019s path produce 15% of US crude oil and 5% \u200bof the country\u2019s natural gas.<\/p>\n

KCM Trade chief analyst Tim Waterer said the storm was an \u201cunwelcome \u2060complication for crude, raising the prospect of production and refining disruptions at a time when the market \u200balready has enough supply-side headaches\u201d.<\/p>\n

The storm could affect six refineries.<\/p>\n

Refineries in US Gulf states account for about 50% of \u200bthe national capacity of 18.2 million barrels per day (bpd).<\/p>\n

US crude oil and gasoline inventories fell, while distillate stocks rose marginally last week, market sources said on Tuesday, citing data from the American Petroleum Institute.<\/p>\n

Crude stocks fell by 2.09 million barrels in the week ended \u200bOctober 2.<\/p>\n

Supply had been rising as the East-West pipeline hit 5.8 million barrels a day, according to Saudi \u200bEnergy Minister Prince Abdulaziz bin Salman on Tuesday.<\/p>\n

Around 12 million barrels per day of crude oil and 2 million bpd of \u200crefined products \u2060were leaving the Middle East on tankers in the last 7 to 10 days, the head of Vitol said<\/a>.<\/p>\n

However, Saudi Arabia\u2019s airports in Jazan and Najran were targeted in two attacks on Monday evening, the Saudi aviation authority said<\/a>, as hostilities between the kingdom and Yemen\u2019s Iran-backed Houthis escalated.<\/p>\n

The attacks occurred as Saudi-backed Yemeni government forces pressed a \u200bmajor offensive to retake territory \u200bfrom the Houthis, after \u2060weeks of rebel advances, with Riyadh stepping up airstrikes in support of the campaign.<\/p>\n

Attacks and refinery outages are \u201clikely to keep the cracks elevated and scarcity will transmit to \u200bcrude. Prices will stay elevated near a $100 level without any material de-escalation emerging,\u201d \u200bsaid Mukesh Sahdev, \u2060chief oil analyst at X Analysts in Sydney.<\/p>\n

US-Iran relations are no closer to repair with US President Donald Trump saying on Tuesday<\/a> that nobody knew who was running Iran during the eight-month US-Israeli war with Iran.<\/p>\n

\u201cTheir leaders are gone, their \u2060second group \u200bof leaders are gone, and the biggest problem I have is \u200bnobody knows who the hell is running the country,\u201d Trump said.<\/p>\n

Iran\u2019s foreign ministry spokesman said on Sunday Washington knows very well who their \u200bcounterpart is in Iran and how the decision-making system in Iran works.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil prices rose on Wednesday as the market weighed supply constraints from a storm heading for US oil-producing regions and attacks by Yemen\u2019s Iran-backed Houthis on Saudi Arabia against increased supplies of \u200bMiddle East crude. Brent futures rose 93 cents, or 0.92%, to $101.51 a barrel. \u200cUS West Texas Intermediate (WTI) crude rose 82 cents, or 0.92%, to $90.25. US forecasters said on Tuesday a storm forming in the Gulf of Mexico would become the first Atlantic hurricane of 2026 within two days and would likely hit oil and gas-producing…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-2235","post","type-post","status-publish","format-standard","hentry","category-english"],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts\/2235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2235"}],"version-history":[{"count":0,"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts\/2235\/revisions"}],"wp:attachment":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}