NEW YORK — Oil prices were little changed Wednesday as traders weighed stronger crude shipments from the Middle East against ongoing geopolitical tensions and a storm threatening key U.S. oil-producing regions.
Brent crude futures gained 35 cents, or 0.35%, to $100.93 a barrel by 0800 GMT. U.S. West Texas Intermediate crude rose 15 cents, or 0.17%, to $89.59.
Supply disruptions remain a major concern for the market. Analysts at ING said risks to Middle Eastern production and shipping were still substantial, particularly with attacks on vessels continuing.
Meanwhile, crude flows from the region have improved. Saudi Energy Minister Prince Abdulaziz bin Salman said the country’s East-West pipeline had raised its flow rate to 5.8 million barrels per day.
Vitol’s head said roughly 12 million barrels per day of crude oil and 2 million barrels per day of refined petroleum products had been shipped from the Middle East over the previous seven to 10 days.
The increase in exports has eased some supply concerns, although traders remain uncertain about whether the improvement will last. PVM analyst Tamas Varga said investors continued to question whether the recent gains in supply and exports could be maintained.
Geopolitical tensions are also keeping markets on edge. Saudi Arabia’s aviation authority said airports in Jazan and Najran were hit in two attacks Monday evening as fighting involving Yemen’s Iran-backed Houthis escalated.
There was also little indication of improving relations between the United States and Iran. U.S. President Donald Trump said Tuesday that uncertainty remained over who was running Iran during the eight-month U.S.-Israeli war with Iran.
Weather risks are adding to the pressure. U.S. forecasters said a storm developing in the Gulf of Mexico was expected to become the first Atlantic hurricane of 2026 within two days and could disrupt oil and gas operations.
Offshore areas along the storm’s projected route account for 15% of U.S. crude oil production and 5% of the country’s natural gas output.
The storm could also put six refineries at risk. Refineries in U.S. Gulf states account for about 50% of the country’s total refining capacity of 18.2 million barrels per day.
With Middle Eastern supply recovering while potential U.S. disruptions loom, oil traders are confronting opposing market forces. Crude remains above the psychologically significant $100 mark, with investors closely monitoring geopolitical developments, shipping security and the storm’s potential impact on U.S. production.
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