Oil prices rose above $101 a barrel on October 7 as traders weighed a strengthening storm in the Gulf of Mexico alongside renewed risks to Middle East energy supplies.
Brent crude was up 93 cents at $101.51 a barrel at 0022 GMT, while US West Texas Intermediate gained 82 cents to $90.25. The figures are a market snapshot from that time, not a closing price for the trading day.
The weather threat added a new source of supply concern. The storm was expected to become the first Atlantic hurricane of 2026 within two days as it moved toward the Gulf of Mexico.
The Gulf is a major US energy centre. Offshore production in the region accounts for roughly 15% of US crude output and about 5% of natural gas production, while Gulf Coast states contain around half of the country’s refining capacity.
Six refineries were potentially exposed to the storm, increasing attention on whether production, refining or shipping operations would be disrupted.
Middle East security risks were also supporting prices. Attacks involving Saudi airports and continuing tensions between Saudi Arabia and the Houthis have kept traders focused on the possibility of further disruption to regional energy infrastructure and transport.
The market is already operating under unusual logistical pressure. Saudi Arabia’s East-West pipeline has capacity of about 5.8 million barrels per day, while Vitol has estimated that around 12 million barrels per day of crude and about 2 million barrels per day of refined products are leaving the Middle East by tanker.
US inventory data provided another supportive signal. The American Petroleum Institute reported that crude inventories fell by about 2.09 million barrels in the week ending October 2.
The combination of weather, security and inventory factors pushed oil higher in early trading, but prices can change quickly as forecasts, shipping conditions and geopolitical developments evolve.
For Pakistan, sustained oil prices above $100 would remain important because changes in international crude and refined-product costs can affect the country’s import bill and domestic fuel-price calculations.
The verified development is therefore a rise in early October 7 trading driven by multiple supply risks, rather than a fixed $101 closing level.
Pakistan Report illustration.