Oil stable as higher Middle East exports offset supply threats
USO•Brent crude rose 0.35% to $100.93 a barrel and U.S. WTI gained 0.17% to $89.59, as higher Gulf exports offset supply risks from Middle East hostilities and a storm approaching U.S. oil and gas facilities.
1. Prices and exports
Brent crude futures rose 35 cents to $100.93 a barrel by 0800 GMT, while U.S. West Texas Intermediate gained 15 cents to $89.59. Saudi Arabia’s East-West pipeline flows reached 5.8 million barrels per day, and about 12 million bpd of crude and 2 million bpd of refined products left the Middle East on tankers in the past 7 to 10 days.
2. Supply risks remain
Analysts said supply disruption risks remain, with attacks on ships continuing and investor sentiment uncertain about whether recent increases in Middle East supply and exports can last. Saudi airports in Jazan and Najran were hit in two attacks on Monday evening, as hostilities between Saudi Arabia and Yemen’s Houthis escalated.
3. Storm threatens facilities
U.S. forecasters said a storm forming in the Gulf of Mexico was likely to become the first Atlantic hurricane of 2026 within two days and could hit oil and gas facilities. Offshore areas in its path produce 15% of U.S. crude oil and 5% of natural gas; the storm could also affect six refineries, while Gulf-state refineries account for about half of U.S. capacity of 18.2 million barrels per day.
