Global crude prices rise amid Middle East tensions and hurricane disruptions

Crude oil prices advanced as Middle East tanker attacks in the Strait of Hormuz and production halts from Hurricane Isaias raised market supply concerns, Rigzone News and Reuters reported. Brent crude rose by approximately 0.4 percent to settle near 105 dollars a barrel after increasing by over 4 percent on Thursday, according to Rigzone News. [1][8]

In the Gulf of Mexico, Hurricane Isaias forced oil operators to shut down approximately 1.46 million barrels per day of crude production, Oilprice reported. The Marine Minerals Administration stated on Friday that operators had taken 1,458,814 barrels per day offline, which represents 71.51 percent of current United States Gulf crude oil output, according to Oilprice. [2]

geopolitical tensions and conflict in the Middle East continue to impact energy markets. Oilprice reported that crude oil retreated from 110 dollars a barrel after United States President Donald Trump ruled out military strikes against Iran prior to the upcoming mid-term elections. [3]

To offset supply risks, United States President Donald Trump stated in a social media post that Russian President Vladimir Putin agreed to supply over 300,000 tons of diesel immediately to global markets, Rigzone News reported. Russia will subsequently deliver 3 million tons of diesel fuel, which equals roughly 22.5 million barrels, according to Rigzone News. [1]