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Oil rises as Middle East supply concerns persist amid shipping attacks

Crude oil prices climbed on Thursday amid mounting supply worries driven by escalating shipping attacks in the Gulf and the Strait of Hormuz. Additional upward pressure on energy markets came from the United States cutting production as a hurricane threatened offshore platforms. Brent crude futures increased, pushing prices above $100 a barrel, while U.S. West Texas Intermediate crude futures also recorded solid gains. These converging supply risks intensified concerns across global energy sectors, affecting refinery margins and key petroleum benchmarks.

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  • ✓ Brent crude futures rose $2.28, or 2.28%, to $102.28 a barrel by 0427 GMT on Thursday.
  • ✓ US West Texas Intermediate (WTI) crude futures gained $1.66, or 1.88%, to $89.94.
  • ✓ Oil prices rose on Thursday on persistent worries about supply from the key Middle East producing region amid an increase in attacks on shipping in the Gulf and the Strait of Hormuz.
  • ✓ The US cut output as a hurricane menaced offshore production.
🛡️ Source Corroboration: 16 independent reporting domains (100% confidence) ⏱ Read time: ~2 min

What changed

Oil prices surged past $100 a barrel as intensifying shipping attacks in the Middle East combined with U.S. Gulf hurricane shut-ins to restrict supply.

Live updates

  1. Oil Prices Rise as Middle East Attacks and Storm Threats Threaten Supply

    Crude oil prices climbed on Thursday amid mounting supply worries driven by escalating shipping attacks in the Gulf and the Strait of Hormuz. Additional upward pressure on energy markets came from the United States cutting production as a hurricane threatened offshore platforms. Brent crude futures increased, pushing prices above $100 a barrel, while U.S. West Texas Intermediate crude futures also recorded solid gains. These converging supply risks intensified concerns across global energy sectors, affecting refinery margins and key petroleum benchmarks.

    Why it matters

    Global energy markets remain acutely sensitive to disruptions in the Middle East, particularly around critical shipping lanes like the Strait of Hormuz. At the same time, offshore production shutdowns in the U.S. Gulf due to storm threats compound ongoing inventory pressures. These dual pressures follow a third quarter characterized by generally increasing crude prices and refinery margins.

    What is confirmed

    • Brent crude futures rose $2.28, or 2.28%, to $102.28 a barrel by 0427 GMT on Thursday.
    • US West Texas Intermediate (WTI) crude futures gained $1.66, or 1.88%, to $89.94.
    • Oil prices rose on Thursday on persistent worries about supply from the key Middle East producing region amid an increase in attacks on shipping in the Gulf and the Strait of Hormuz.
    • The US cut output as a hurricane menaced offshore production.

    What to watch next

    • Developments regarding the severity and path of the hurricane threatening U.S. offshore production.
    • Further security incidents or military responses involving shipping in the Strait of Hormuz and the Gulf.
    • Updates on U.S. Treasury enforcement or waivers regarding energy sanctions.
    Sources used for this update (18)
    1. oilprice.com — Crude Oil Prices Today | OilPrice.com
    2. en.wikipedia.org — Oil - Wikipedia
    3. oilprice.com — Oil News Today | OilPrice.com
    4. en.wikipedia.org — Petroleum - Wikipedia
    5. tradingeconomics.com — Crude Oil - Price - Chart - Historical Data - News
    6. Al Jazeera — Hormuz ship attacks surge: Are increased oil exports sustainable?
    7. U.S. Energy Information Administration (EIA) (.gov) — Crude oil prices and refinery margins generally increased throughout the third quarter
    8. Yahoo Finance — Oil prices climb above $100 on Strait of Hormuz attacks, Gulf storm threat
    9. Reuters — Oil rises as Middle East supply concerns persist amid shipping attacks
    10. WSJ — Oil Prices Rise More Than 2% Amid Houthi Attacks, U.S. Gulf Shut-Ins
    11. Barron's — Oil Climbs on Intensifying Shipping Attacks, U.S. Storm Fears
    12. The Guardian — Oil prices rise sharply on Middle East tensions and US hurricane threat
    confidence 100%
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