Crude Oil Prices Climb on Gulf Storm Threat to US Output and Escalating Attacks in Saudi Arabia | October 7, 2026

Crude oil prices rose on Wednesday, October 7, 2026, as traders assessed possible supply disruptions from a storm approaching US oil-producing areas and escalating attacks in Saudi Arabia, as per news reports. The gains came despite rising Middle East crude supplies, keeping attention on developments that could affect global availability. 

Brent crude futures rose 93 cents, or 0.92%, to $101.51 a barrel by 0022 GMT. US West Texas Intermediate (WTI) crude gained 82 cents, or 0.92%, to $90.25. 

Storm Threatens US Oil and Gas Production 

US forecasters said a storm forming in the Gulf of Mexico was expected to become the first Atlantic hurricane of 2026 within two days. The system could affect oil and gas facilities in the region. 

Offshore areas in its expected path account for 15% of US crude oil production and 5% of natural gas output. The storm could also affect six refineries. Refineries in the US Gulf states represent around half of the country's total refining capacity of 18.2 million barrels per day. 

US Crude Inventories Decline 

US crude oil and gasoline inventories fell last week, while distillate stocks increased slightly, according to data from the American Petroleum Institute cited by market sources. 

Crude inventories declined by 2.09 million barrels in the week ended October 2, adding another factor to the supply outlook. 

Middle East Supply and Saudi Arabia Attacks 

Middle East crude supplies have been increasing, with the East-West pipeline reaching 5.8 million barrels per day, according to Saudi Energy Minister Prince Abdulaziz bin Salman. Around 12 million barrels per day of crude oil and 2 million barrels per day of refined products have been leaving the region by tanker over the past seven to 10 days, according to the head of Vitol. 

However, Saudi Arabia's airports in Jazan and Najran were targeted in two attacks on Monday evening, according to the Saudi aviation authority. The attacks came as Saudi-backed Yemeni government forces continued an offensive against Yemen's Iran-backed Houthis. 

Read More: Adani Green Energy Share Price in Focus; Operationalises 481.9 MW Renewable Capacity and 3,081 MWh BESS! 

US-Iran Tensions Remain 

Relations between the US and Iran also remain strained. US President Donald Trump said on Tuesday that there was uncertainty over Iran's leadership following the eight-month US-Israeli war with Iran. 

Iran's foreign ministry spokesman rejected that assessment, saying Washington knows its counterpart in Iran and understands how the country's decision-making system operates. 

Conclusion 

Oil prices remain sensitive to developments across major producing regions. The approaching Gulf storm, attacks in Saudi Arabia and ongoing US-Iran tensions are being weighed against increased Middle East crude supplies and changes in US inventories. 

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