On October 7, oil prices rose as the market evaluated the risks of supply cuts caused by a storm approaching US oil-producing areas, as well as attacks by Iran-backed Yemeni Houthis on Saudi Arabia.
Brent crude futures rose by $1.05, or 1.04%, to $101.63 a barrel as of 04:00 GMT. US West Texas Intermediate (WTI) crude futures increased by 80 cents, or 0.89%, to $90.24 a barrel.
US forecasters stated on October 6 that the storm forming in the Gulf of Mexico would become the first Atlantic hurricane of 2026 within two days and strike oil and gas facilities.
Tim Waterer, chief analyst at KCM Trade, said the storm was an unwelcome complication for crude oil, increasing the risk of production and refining disruptions at a time when the market is already facing sufficient supply issues.
