Oil Fund Jumps 2.6% as Isaias Shuts Gulf Output | Oil, Oct 8
Oil jumped as Hurricane Isaias shut in 1.28 million barrels a day of US Gulf output. The USO fund rose 2.55%; WTI settled at US$91.49. The post Oil Fund Jumps 2.6% as Isaias Shuts Gulf Output | Oil, Oct 8 appeared first on The Rio Times .
Hurricane Isaias caused US Gulf oil production to drop by 1.28 million barrels per day on October 8, 2026, as 62.89% of current output and 57.35% of natural gas production went offline. The USO fund, tracking WTI crude, climbed 2.55% to US$147.58, while President Trump's pledge to avoid Iran strikes before the midterm elections provided a brief reprieve from geopolitical concerns.
OPEC+ maintained November production targets at 31.01 million barrels per day, with tanker attacks near the Strait of Hormuz adding to supply pressures. Brazil's Petrobras, Colombia's Ecopetrol, and Argentina's YPF all gained, with Petrobras leading the Latin American energy complex higher at US$24.69.
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