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Oil prices climb past $101 early Wednesday
Oil prices rose at the start of Asian trading on October 7, 2026, due to concerns over supply shortages resulting from tensions in the Middle East and attacks by the Houthis on Saudi airports. Additionally, a storm threatening Gulf oil facilities—responsible for about 15% of U.S. oil production and 5% of natural gas—contributed to the increase. Despite this, higher exports from the Middle East and a drop of over two million barrels in U.S. crude inventories helped support prices, with Brent crude rising to $101.51 per barrel and West Texas Intermediate to $90.25.
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