Oil rises as investors weigh supply threats
USO•Brent crude rose 0.75% to $101.33 a barrel and U.S. WTI gained 0.44% to $89.83 as investors weighed supply risks from Middle East and Ukraine conflicts and a storm approaching U.S. oil-producing regions.
1. Oil prices rise
Brent futures were up 75 cents to $101.33 a barrel at 1200 GMT, while WTI rose 39 cents to $89.83. PVM analyst Tamas Varga said investors were not convinced recent increases in Middle East supply and exports were sustainable.
2. Conflicts threaten supply
Yemen's Houthis attacked Aden international airport with missiles and drones, while Ukraine struck two Russian oil facilities and Russia launched missile and drone attacks on Ukraine. Vitol CEO Russell Hardy said strikes on Russian energy infrastructure and lost Middle East refining runs had tightened fuel markets.
3. Stocks and storm in focus
The International Energy Agency held an informal meeting to discuss a proposed release of oil and diesel stocks, two EU diplomats said. European diesel futures traded about $77 a barrel above Brent, up 13% on the day. A storm forming in the Gulf of Mexico was forecast to become the first Atlantic hurricane of 2026 within two days and was likely to hit oil and gas facilities; offshore areas in its path produce 15% of U.S. crude and 5% of U.S. natural gas.
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