Oil climbs as U.S. storm and Houthi attacks raise supply concerns
Brent crude oil prices surged above $101 a barrel on Wednesday in response to Houthi attacks on Saudi sites and worries about a potential hurricane affecting US oil-producing regions. By 9:39 am, Brent oil futures were at $101.65, up 1.06%, while WTI (West Texas Intermediate) crude was at $90.27, up 0.93%. October and November crude oil futures on MCX rose by 0.87% and 0.95% respectively.
The National Hurricane Center warned that a storm forming in the Gulf of Mexico would be the first Atlantic hurricane of 2026 within two days, threatening oil and gas facilities in the region. Offshore areas in the storm's path supply 15% of US crude oil and 5% of its natural gas. Saudi Arabia reported attacks on Jazan and Najran airports on Monday, following a Yemeni offensive to reclaim territory from the Houthis.
Saudi Arabia's Energy Minister stated that oil supply had increased, with the East-West pipeline producing 5.8 million barrels a day. Despite supply risks, the market settled above $100 a barrel, with traders acknowledging that addressing ongoing threats would be necessary for prices to decrease sustainably.
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