Oil Is Back Above $100: A Hurricane Heads Toward Oil Platforms and New Attacks Hit Saudi Arabia
Brent is trading around $100–104 as a system in the Gulf of Mexico is expected to become the season’s first hurricane and the Houthis struck Saudi airports.
The price of Brent crude rose to about $101 a barrel on October 7 and, according to market data, was around $104 on October 8. New risks have appeared: forecasters warned that a system forming in the Gulf of Mexico could become the first Atlantic hurricane of 2026 within two days, and the areas in its path produce about 15 percent of US crude and about 5 percent of natural gas. Six refineries could be affected, and Gulf states hold about half of US refining capacity.
A second pressure comes from the Middle East. On Monday evening the Houthis attacked Saudi airports in Jazan and Najran, escalating fighting in Yemen. On the other hand, supply is recovering: flows through Saudi Arabia’s East-West pipeline rose to 5.8 million barrels a day, and according to the head of Vitol, about 12 million barrels of crude and 2 million barrels of products per day have left the region by tanker over the past 7–10 days. ING analysts say supply risks are “still very real.”
The market, then, is moving between two opposite stories: oil that manages to leave the region and new risks that keep pulling the price back toward $100. Diesel is already at record levels, and in the spring Brent climbed to about $126. If the hurricane does reach the platforms, it would be one more blow to already tight supply.
MKNews Hub · Macedonia · October 9, 2026
