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Oil prices rise as storms and air strikes threaten supply

Oil prices climbed on Wednesday as traders weighed potential production constraints from an oncoming storm in the Gulf of Mexico and Houthi air strikes on Saudi Arabia against increased Middle East crude supplies. Brent futures rose 93 cents, or 0.92 per cent, to $101.51 a barrel, while US West Texas Intermediate crude increased 82 cents, or 0.92 per cent, to $90.25. Prices later experienced a choppy session and settled lower following reports that international officials moved to speed up oil stock releases to curb high fuel costs.

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⚡ Key Developments & Real-Time Context
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  • ✓ Brent futures rose 93 cents, or 0.92 per cent, to $101.51 a barrel by 0022 GMT on Wednesday.
  • ✓ US West Texas Intermediate crude rose 82 cents, or 0.92 per cent, to $90.25.
  • ✓ US forecasters stated on Tuesday that a storm forming in the Gulf of Mexico would become the first Atlantic hurricane of 2026 within two days and likely hit oil and gas producing facilities.
  • ✓ The International Energy Agency agreed to speed up a release of oil stocks and prioritize diesel to curb high fuel prices.
🛡️ Source Corroboration: 15 independent reporting domains (95% confidence) ⏱ Read time: ~3 min

What changed

Oil prices shifted from early gains to settle lower following the International Energy Agency decision to accelerate the release of oil stocks.

Live updates

  1. Oil Prices Rise as Storms and Air Strikes Threaten Supply

    Oil prices climbed on Wednesday as traders weighed potential production constraints from an oncoming storm in the Gulf of Mexico and Houthi air strikes on Saudi Arabia against increased Middle East crude supplies. Brent futures rose 93 cents, or 0.92 per cent, to $101.51 a barrel, while US West Texas Intermediate crude increased 82 cents, or 0.92 per cent, to $90.25. Prices later experienced a choppy session and settled lower following reports that international officials moved to speed up oil stock releases to curb high fuel costs.

    Why it matters

    Global energy markets remain highly sensitive to regional conflicts and weather disruptions that threaten critical shipping lanes and production hubs. Attacks by Yemen's Iran-backed Houthis on Saudi Arabia compound ongoing tensions in the Middle East, while severe weather systems routinely jeopardize offshore output in the Gulf of Mexico. These competing supply threats and release interventions drive significant volatility across international markets.

    What is confirmed

    • Brent futures rose 93 cents, or 0.92 per cent, to $101.51 a barrel by 0022 GMT on Wednesday.
    • US West Texas Intermediate crude rose 82 cents, or 0.92 per cent, to $90.25.
    • US forecasters stated on Tuesday that a storm forming in the Gulf of Mexico would become the first Atlantic hurricane of 2026 within two days and likely hit oil and gas producing facilities.
    • The International Energy Agency agreed to speed up a release of oil stocks and prioritize diesel to curb high fuel prices.

    Still unconfirmed

    • G-7 plans for a crude and diesel release are actively driving prices down alongside persistent Hormuz shipping risks.

    What to watch next

    • Developments regarding the trajectory and impact of the Gulf of Mexico storm on offshore oil and gas production facilities
    • Further updates on the execution and scale of the accelerated oil stock release agreed upon by the International Energy Agency
    Sources used for this update (16)
    1. WSJ — Oil Prices Fall as G-7 Plans Crude, Diesel Release But Hormuz Shipping Risks Persist
    2. Reuters — Oil prices rise as storms and air strikes threaten supply
    3. CNBC — Oil rises as concerns over Houthi attacks on Saudi Arabia eclipse supply recovery
    4. Al Jazeera — Hormuz ship attacks surge: Are increased oil exports sustainable?
    5. France 24 — Oil rises and stocks fall as Hormuz worries flare
    6. www.aol.com — Oil prices rise as storms and air strikes threaten supply - AOL
    7. www.thestar.com.my — Oil prices rise as storms and air strikes threaten supply | The Star
    8. economictimes.indiatimes.com — Oil prices rise as storms and air strikes threaten supply
    9. energy.economictimes.indiatimes.com — Oil prices rise as US storm threatens output, Saudi attacks ...
    10. www.asiaone.com — Oil prices rise as storms and air strikes threaten supply, Money News - AsiaOne
    11. www.channelnewsasia.com — Oil prices rise as storms and air strikes threaten supply - CNA
    12. tribune.com.pk — Oil gains as US storm and Houthi air strikes threaten supply - The Express Tribune
    confidence 95%
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