Brent futures rose above $101 a barrel as markets reacted to concurrent threats to global supply. [3, 6, 8] A Gulf of Mexico storm is forecast to become the first Atlantic hurricane of 2026, threatening offshore facilities that account for 15% of U.S. crude production. [4, 7, 12] These facilities also account for 5% of U.S. natural gas output. [4, 7, 12]
Geopolitical tensions have also escalated in the Middle East. [5, 11] Houthi rebels have reportedly attacked two airports in southern Saudi Arabia, raising concerns about wider disruption to the region’s critical energy infrastructure. [4, 6, 8] A reported drop in U.S. crude inventories has added to concerns about market tightness. [3, 9]