Oil prices rise on supply concerns from Gulf storm and Saudi–Houthi attacks
Brent and West Texas crude rose as concerns grew about supply disruptions from a possible storm in the Gulf of Mexico and escalating attacks between Saudi Arabia and the Houthis, alongside signs of increased capacity in a major pipeline and declining U.S. oil and fuel inventories.
Oil prices rose on Wednesday as concerns about supply disruption grew. Brent futures rose $0.93, or 0.92%, to $101.51 a barrel, while West Texas Intermediate gained $0.82, or 0.92%, to $90.25 a barrel.
There are concerns about a developing storm in the Gulf of Mexico that is expected to become the first Atlantic hurricane of 2026 within two days, and it could affect oil and gas production facilities. Offshore areas in the storm’s path produce about 15% of U.S. crude oil and 5% of natural gas.
At the same time, tensions between Saudi Arabia and the Houthis escalated after Jazan and Najran airports were targeted in two attacks on Monday evening, increasing market concerns about supplies.
Meanwhile, Saudi Energy Minister Prince Abdulaziz bin Salman said supplies are increasing, noting that the capacity of the East–West pipeline has reached 5.8 million barrels per day. Data from the American Petroleum Institute also showed U.S. crude oil and gasoline inventories fell last week.
