Oil Stable as Higher MidEast Exports Offset Supply Threat
War-risk premiums and record freight costs are keeping delivered oil expensive despite recovering Middle East flows, analysts said.
- On Wednesday, Brent crude prices climbed above $100 per barrel, driven by supply fears from an approaching Gulf of Mexico storm and escalating tensions between Saudi Arabia and Yemen's Iran-backed Houthis.
- US forecasters expect a storm in the Gulf of Mexico to become the first Atlantic hurricane of 2026 within two days, threatening facilities accounting for 15% of US crude production and 5% of natural gas.
- KCM Trade chief analyst Tim Waterer described the storm as an "unwelcome complication for crude, raising the prospect of production and refining disruptions" when the market faces existing supply pressures.
- Saudi Arabia's East-West pipeline hit 5.8 million barrels a day on Tuesday, while Saudi aviation officials reported two attacks on airports in Jazan and Najran on Monday evening by Iran-backed Houthis.
- Mukesh Sahdev, chief oil analyst at X Analysts in Sydney, warned that refinery outages are "likely to keep the cracks elevated and scarcity will transmit to crude," predicting prices will hold near $100 without de-escalation.
136 Articles
136 Articles
Oil stable as higher MidEast exports offset supply threat
Oil prices were stable today, with Brent futures holding above $100 a barrel, as investors weighed higher Gulf exports against ongoing supply risks from the Middle East conflict and a storm heading for oil-producing regions in the US.
Although crude oil exports from the Gulf region, which plummeted due to the Middle East war, are approaching pre-war levels, the cost of receiving crude oil in Asia is showing little sign of decreasing. While the crude oil shortage has largely been resolved, tanker freight rates, insurance premiums, and complicated transportation routes are emerging as new bottlenecks. International oil prices
Oil stable as higher Middle East exports offset supply threats
Oil prices were stable on Wednesday, with Brent futures holding above $100 a barrel, as investors weighed higher Gulf exports against ongoing supply risks from the Middle East conflict and a...
Oil prices rose on Tuesday as attacks by Iran-backed Houthi rebels in Yemen on Saudi Arabia raised concerns about Middle East crude supplies, although supplies are gradually recovering, CNBC reported. Brent crude futures, the European benchmark for December delivery, rose 0.93 percent to $101.52 a barrel. U.S. West Texas Intermediate (WTI) futures for November delivery rose 0.81 percent to $90.16 a barrel. Saudi Energy Minister Prince Abdulaziz …
Oil Prices Rise Above $101 as Gulf Storm, Houthi Attacks Raise Supply Concerns
Global oil prices rose above $101 a barrel on Wednesday as markets weighed potential supply disruptions from a storm approaching U.S. oil-producing areas and escalating attacks by Yemen’s Iran-backed Houthis on Saudi Arabia against a recent recovery in Middle East crude exports. Brent crude futures rose 93 cents, or 0.92 percent, to $101.51 a barrel […]
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