Brent crosses $101 as Saudi attacks, US storm add to oil supply concerns
Rising oil prices, now exceeding 1%, raise alarms over potential storm disruptions affecting U.S. oil production and refineries. With Brent crude passing $101 per barrel and WTI crude hitting $90.38, concerns are amplified by supply issues from Saudi Arabia and mixed signals on U.S. inventories. Coupled with ongoing tensions between Saudi Arabia and Yemen's Iran-aligned Houthis, analysts predict…
Oil prices surged above $101 per barrel on Wednesday, driven by supply risks from Saudi Arabia and the US, despite growing optimism from increased Middle East crude supplies. Brent crude reached $101.60, while WTI crude increased 1.05% to $90.38. The rise in prices was fueled by a storm brewing in the Gulf of Mexico, which is expected to become the first Atlantic hurricane of 2026 and could impact oil and gas facilities.
The storm threatens 15% of US crude production and 5% of natural gas production, affecting six refineries that make up 50% of the country's total refining capacity. Despite rising oil supplies from the Middle East, US inventory data showed a decline in crude and gasoline inventories last week, with a 2.09 million barrel drop in US crude stocks.
Tensions in Saudi Arabia, following attacks on Jazan and Najran airports due to escalated hostilities between Saudi Arabia and Yemen's Iran-backed Houthis, added another risk to regional supply. Oil analysts warned that these attacks and refinery outages could keep oil prices elevated near the $100 level.
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