Gulf Storm Threatens 15% of U.S. Crude Output as Brent Nears $102

Brent crude was trading near $101.63 and WTI near $90.24 in early Wednesday trading as a weather system moving across the Gulf of Mexico is forecast to become the first Atlantic hurricane of 2026 within two days, sitting over offshore fields that account for roughly 15% of U.S. crude production and about 5% of natural gas supply. Up to six Gulf refineries could be in its path, and Gulf-state refineries represent about half of the country's 18.2 million barrels per day of capacity, according to Economy Middle East.

Key Takeaways Brent rose 1.04% to $101.63 and WTI 0.89% to $90.24 by 05:35 GMT Wednesday on Gulf storm supply risk. The system is forecast to be the first Atlantic hurricane of 2026…