Oil rises as investors weigh supply threats
Smoke rises from a fire at the Aramco refinery south of Riyadh, Saudi Arabia, October 3, 2026. Picture taken with a mobile phone. REUTERD/Stringer
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LONDON, Oct 7 : Oil prices rose on Wednesday, with Brent futures holding above $100 a barrel, on continued Middle East supply risks and a storm heading for oil-producing regions in the United States.
Brent crude futures were up 75 cents, or 0.75 per cent, to $101.33 a barrel at 1200 GMT. US West Texas Intermediate (WTI) crude was up 39 cents, or 0.44 per cent, to $89.83.
Investors are not convinced that recent rises in supply and exports from the Middle East are sustainable, PVM analyst Tamas Varga said.
Downward pressure on prices abated because of the approaching US storm, as well as conflict in the Middle East and Ukraine, Varga said.
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Yemen’s Houthis attacked Aden international airport with ballistic missiles and explosive-laden drones on Wednesday, the country’s transport ministry said, as fighting between the Iran-aligned group and Saudi-backed government forces intensified.
Washington’s “requests and ideas” about Iran’s nuclear programme are at odds with Tehran’s demands, a senior Iranian official told Reuters on Wednesday, when asked about US Vice President JD Vance’s comment that Tehran must cut enrichment to end the war with Washington.
Ukraine struck two Russian oil facilities on Wednesday while Russia pounded Ukraine with waves of missiles and drones, killing at least 15 people, Ukrainian officials said.
Strikes on Russian energy infrastructure and the loss of Middle East refining runs have tightened fuel markets, Vitol CEO Russell Hardy said on Tuesday.
The International Energy Agency held an informal meeting at 1300 local time (1100 GMT) on Wednesday to discuss a proposed release of oil and diesel stocks, two European Union diplomats said, to relieve pressure on consumers and industry from soaring prices.
European benchmark diesel futures were trading at about $77 a barrel above Brent crude at 1008 GMT on Wednesday, up 13 per cent on the day.
“The release of strategic oil reserves should help contain near-term price spikes by offsetting declines in commercial inventories. However, such releases provide only temporary relief, as they do not eliminate the underlying tightness in the global oil market,” UBS analysts wrote.
In the US, forecasters said on Tuesday that a storm forming in the Gulf of Mexico would become the first Atlantic hurricane of 2026 within two days and was likely to hit oil and gas facilities.
Offshore areas in the storm’s path produce 15 per cent of US crude oil and 5 per cent of the country’s natural gas.
KCM Trade chief analyst Tim Waterer said the storm was an “unwelcome complication for crude, raising the prospect of production and refining disruptions at a time when the market already has enough supply-side headaches”.
Source: Reuters
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