November NYMEX West Texas Intermediate crude futures climbed roughly 50 cents to $92 a barrel by midday Friday, while December Brent rose 40 cents to $104.70. This upward momentum follows a significant $3 to $4 jump in benchmarks on Thursday, driven by fears that maritime attacks on tankers are expanding beyond the Strait of Hormuz.
In section Market Quotes
Oil Markets Steady as Hurricane Isaias Threatens Gulf Infrastructure
Hurricane Isaias is forcing a retreat from offshore production platforms, compelling market traders to weigh supply disruptions against the backdrop of a recent shipping-related price surge. With storm paths threatening U.S. Gulf Coast refining hubs, oil prices held firm Friday following Thursday’s sharp rally sparked by geopolitical volatility near Qatar.
Andy Lipow, president of Lipow Oil Associates, noted that the storm’s trajectory places two specific facilities at risk: Chevron’s 375,200-barrel-per-day refinery in Pascagoula, Mississippi, and Vertex Energy’s 91,200-barrel-per-day plant in Mobile, Alabama. While crude maintains its gains, refined products faced downward pressure; November ULSD dropped 9.8 cents to $4.785 a gallon, and November RBOB slipped 1.4 cents to $3.302 a gallon.
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