Brent crosses $101 as Saudi attacks, US storm add to oil supply concerns
Brent crude prices rose above $101 per barrel due to supply concerns stemming from a developing hurricane in the Gulf of Mexico and ongoing military tensions in Saudi Arabia. These risks have overshadowed reports of increased oil shipments from the Middle East.
Why it matters
Fluctuations in oil prices impact global inflation and energy costs, making supply chain disruptions in major production hubs a significant economic concern.
Oil prices rose more than 1% on Wednesday, with Brent crude crossing the $101-a-barrel mark as fresh supply risks outweighed rising optimism due to increased Middle East crude supplies.WTI crude rose 1.05% to $90.38 a barrel, while Brent crude gained 1.02% to $101.60 as supply concerns emerged in Saudi Arabia and the US oil and refining sector.The latest concerns came from both sides of the global oil supply chain. According to US forecasters, a storm developing in the Gulf of Mexico is expected to become the first Atlantic hurricane of 2026 within two days and is likely to affect oil and gas facilities.The areas in the storm's path account for 15% of US crude production and 5% of the country's natural gas production. Six refineries could also be affected.
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