{"id":641085,"date":"2026-10-09T10:08:16","date_gmt":"2026-10-09T10:08:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/641085\/"},"modified":"2026-10-09T10:08:16","modified_gmt":"2026-10-09T10:08:16","slug":"oil-headed-for-weekly-gain-on-impact-of-middle-east-tension-and-hurricane-isaias","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/641085\/","title":{"rendered":"Oil headed for weekly gain on impact of Middle East tension and Hurricane Isaias"},"content":{"rendered":"

Oil prices<\/a> slipped on Friday after US President Donald Trump ruled out launching attacks on Iran before the midterm elections next month, although crude remains on track for a weekly rise amid lingering geopolitical tensions. <\/p>\n

Brent<\/a>, the benchmark for two thirds of the world’s oil, was trading 0.82 per cent lower at $103.42 a barrel at 10.35am UAE time. West Texas Intermediate, the gauge that tracks US crude, was down 0.74 per cent at $90.81 a barrel.<\/p>\n

Brent is on track to post a weekly gain after settling more than 4 per cent higher on Thursday, amid the tension in the Middle East. WTI is set for a weekly decline despite the US, the world\u2019s biggest oil producer, bracing for a powerful hurricane that could threaten its oil output on the country’s Gulf coast.<\/p>\n

\u201cBrent crude rose 4.1 per cent to $104.20 per barrel on Thursday as renewed Middle East tensions coincided with disruption to US Gulf of Mexico production from Hurricane Isaias,\u201d said Nick Stadtmiller, chief economist and group head of research at Emirates NBD. \u201cAround 63 per cent of US Gulf oil production has been shut in ahead of the storm, while prices came off their intraday highs after President Donald Trump said the US was holding productive discussions with Iran.\u201d<\/p>\n

Hurricane Isaias is moving towards the US Gulf coast, which is home to offshore oil production sites, as well as refining infrastructure and export terminals.<\/p>\n

The hurricane is expected to hit the US coast late on Friday or early on Saturday. It is forecast to lead to heavy rain and potentially flash floods.<\/p>\n

About 500,000 barrels per day of capacity are at risk from the hurricane, said Soojin Kim and Edward Bell from MUFG. “Ongoing fighting between Saudi Arabia and its allies against the Houthis are keeping the geopolitical risk in oil markets elevated while shipping in the Gulf and Strait of Hormuz continues to be threatened,” they said.<\/p>\n

The Houthis carried out deadly attacks on airports in Saudi Arabia’s southern region and Riyadh this week, with debris from an intercepted ballistic missile damaging civilian sites in the kingdom’s capital. <\/p>\n

\"\"<\/p>\n

The cost of moving oil by sea surges<\/p>\n

Meanwhile, Mr Trump on Thursday said he had no intention of ordering attacks on Iran before the midterm elections take place next month, which has temporarily eased supply concerns.<\/p>\n

In a post on Truth Social, he said Iran<\/a> was in a \u201cvery bad condition\u201d economically and militarily and the US blockade on Iranian shipments through the Strait of Hormuz<\/a> would remain in \u201cfull force\u201d. He added that the countries were holding “productive discussions”. <\/p>\n

Impact on oil prices<\/p>\n

Oil prices have remained volatile this week as attacks on ships in the strait, a vital route for global crude shipments, increased. <\/p>\n

The US also announced new sanctions on 17 vessels responsible for transporting millions of barrels of Iranian crude oil, as well as petroleum and petrochemical products, to markets in southern and eastern Asia.<\/p>\n

The US is looking to squeeze Iran\u2019s oil revenue and put pressure on Tehran as the regional war continues. The US Treasury is “starving the tyrannical regime in Tehran of the money it uses to wage war in the region, and we will continue exposing those who enable the regime\u2019s oil sales”, Treasury Secretary Scott Bessent said in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices slipped on Friday after US President Donald Trump ruled out launching attacks on Iran before the…\n","protected":false},"author":2,"featured_media":641086,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[2867,42,87,43,5839,2865,789,3336,40,38,41,39,208],"class_list":["post-641085","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-business-team","tag-headlines","tag-iran","tag-news","tag-oil","tag-standard","tag-story","tag-tehran","tag-top-news","tag-top-stories","tag-topnews","tag-topstories","tag-us"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/641085","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=641085"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/641085\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/641086"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=641085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=641085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=641085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}