Prince Abdulaziz bin Salman’s warning came as Brent crude ticked 1.02% higher to $101.60 a barrel, while WTI climbed to $90.38 on the New York exchange. A developing Atlantic hurricane is poised to hit the Gulf of Mexico within 48 hours, threatening 15% of U.S. crude output and 5% of natural gas production, with six Gulf‑coast refineries at risk.
Meanwhile, Saudi aviation authorities reported two attacks on Jazan and Najran airports on Monday night, part of a broader escalation with Yemen’s Iran‑backed Houthis. The strikes coincide with a Saudi‑backed offensive aimed at reclaiming territory, and they have raised fears that the East‑West pipeline could suffer interruptions, which presently transports 5.8 million barrels a day.
U.S. inventory data for the week ended October 2 showed crude stocks down 2.09 million barrels, while distillate inventories edged up marginally. The drop in crude supply sits in stark contrast to the uptick in Middle‑East exports, with Vitol shipping roughly 12 million barrels a day of crude and 2 million barrels of refined products out of the region in the past week.
Oil analyst Mukesh Sahdev of X Analysts said the combination of Gulf storms and regional attacks could keep oil prices near or above the $100 threshold, stressing that “scarcity will transmit to crude” and that markets are primed for volatility.
The U.S. Department of Energy has issued a contingency plan for potential shutdowns of Gulf‑coast refineries, while Saudi officials are monitoring pipeline integrity. Market participants are watching closely as the storm approaches, with a key auction for new crude contracts slated for next Wednesday.