October 7, 2026
Oil prices witnessed a rise during trading on Wednesday, supported by fears of supply disruption due to a tropical storm heading towards the main production areas in the United States, at a time when the market continues to evaluate the repercussions of the increase in oil supply from the Middle East despite the continuing geopolitical tensions.
By 00:22 GMT, Brent crude futures rose by 93 cents, by 0.92%, to record $101.51 per barrel. In the same context, US West Texas Intermediate crude contracts rose by 82 cents, or 0.92%, to reach $90.25 per barrel.
This increase comes against the backdrop of warnings issued by American meteorologists, yesterday, Tuesday, in which they indicated that a storm forming in the Gulf of Mexico is likely to transform within two days into the first hurricane witnessed in the Atlantic Ocean in 2026, amid expectations that it will direct a direct strike at vital oil and gas production facilities in the region, according to what was reported by “Reuters.”
