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Oil
Prices Climb Amid Climate and Geopolitical Risks
Singapore,
7 Oct 2026 (ONA) — Oil prices rose today as markets assessed current supply
plans and the climate and geopolitical risks surrounding them.
Brent
crude futures climbed 93 cents, or 0.92 percent, to reach $101.51 per barrel,
while US West Texas Intermediate crude rose 82 cents, or 0.92 percent, to
$90.25.
US
meteorologists said yesterday, Tuesday, that a storm forming in the Gulf of
Mexico will become the Atlantic Ocean’s first hurricane of 2026 within two
days, and is likely to strike oil and gas production facilities.
The
offshore areas of the Gulf of Mexico lying in the storm’s path produce 15
percent of US crude and five percent of natural gas.
The
storm could affect six refineries, and refineries in the US Gulf of Mexico
states account for approximately 50 percent of the production capacity of 18.2
million barrels per day.
Market
sources said yesterday, Tuesday, citing data issued by the American Petroleum
Institute, that US crude oil and gasoline inventories declined while distillate
inventories rose marginally last week.
—
Ends/Khalid
