Oil prices settle higher as more production shut ahead of hurricane
Oil prices rose as Hurricane Isaias forced the shutdown of over 70 percent of crude production in the US Gulf of Mexico. Market volatility remains high due to ongoing geopolitical tensions in the Middle East and shifting export policies from China.
Why it matters
Fluctuations in oil production and geopolitical stability directly impact global energy costs and economic inflation.
Reuters Drone view of oil tanker HELGA berthed at one of Iraq's southern offshore oil terminals near Basra as it prepares to load crude oil, becoming the second vessel to arrive since the closure of the Strait of Hormuz, April 24, 2026. Photo: REUTERS Oil prices settled higher on Friday as Hurricane Isaias churned toward the northern Gulf of Mexico and oil companies shut more than 70 percent of crude production in US waters.
Earlier in the session, crude prices were down as US President Donald Trump said talks with Iran to end the war in the Middle East had been "productive."
Trump also teased an upcoming, undisclosed announcement on diesel and said he was considering suspending the federal gasoline tax.
Brent crude futures settled at $104.72, up 44 cents or 0.42 percent.
US West Texas Intermediate crude futures finished at $91.85 a barrel, up 36 cents, or 0.39 percent.
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