Oil Prices Settle Higher As More Production Shut Ahead of Hurricane

Oil prices settled higher on Friday as Hurricane Isaias churned toward the northern Gulf of Mexico and oil companies shut more than 70 per cent of crude production in US waters.

Brent crude futures settled at $104.72 a barrel, and US WTI crude finished at $91.85 a barrel. For the week, Brent rose 2.4 percent and WTI was up 0.8 percent.

US President Donald Trump said on Thursday that Washington was having “productive discussions” with Iran and said no attack was planned before the 3 November midterm congressional elections after media reports that he was considering an attackbefore then.

The oil market is also contending with Hurricane Isaias in the Gulf of Mexico where producers have shut in about 1.3 million barrels per day, or 70 per cent, of current oil production as of Thursday.

Asian spot LNG prices rise onHormuz tanker attacks

Asian spot LNG prices rose last week as renewed attacks on tankers near the Strait of Hormuz stoked concerns over potential supply disruptions, although muted buying interest from key importers limited gains.

The average LNG price for November delivery into northeast Asia was $26.50 per million British thermal units, up from $ 25.25 per mmBtu the week before. Asian demand remains price-sensitive, with Chinese buyers particularly unlikely to chase spot cargoes unless prices fall.

In Europe, the Dutch TTF gas price settled at $26.61 per mmBtu, posting a weekly gain of 6.0 per cent. Europe’s gas storage sites are 73.12 percent full, the lowest for this time of year since records began in 2011. Combined with the EU’s full ban on imports of Russian LNG from January 2027, this means the bloc may need to reduce its 2026–27 winter gas demand by 7 per cent year on year.

— By The Al-Attiyah Foundation