Oil rises as Isaias cuts over 70% of US Gulf output on Oct 9
Brent settles at US$104.72 a barrel as Hurricane Isaias disrupts US Gulf output, offsetting pressure from Iran talks and China’s export plans.
- Oil prices for both Brent and US crude rose on Friday, October 9, due to the approach of Hurricane Isaias.
- The hurricane forced producers to halt more than 70% of crude oil output in the US Gulf of Mexico.
- Brent crude futures increased by 44 cents to settle at $104.72 a barrel.
- US West Texas Intermediate (WTI) crude futures gained 36 cents to close at $91.85 a barrel.
Brent and US crude futures recovered from earlier losses to settle higher on Friday, October 9, 2026, as Hurricane Isaias approached the northern Gulf of Mexico. Producers had halted more than 70% of crude output in US Gulf waters. Brent crude futures ended the October 9 session at US$104.72 a barrel, gaining 44 cents, or 0.42%, while US West Texas Intermediate (WTI) rose 36 cents, or 0.39%, to US$91.85 a barrel. Brent and WTI remained on course for weekly gains.
US Gulf producers had already suspended about 1.3 million barrels of daily oil production by October 8, equivalent to 62.9% of current output, according to the US Marine Minerals Administration.
Trump’s Iran pledge and China’s export plans pressure prices
PVM Oil Associates analyst Tamas Varga said US President Donald Trump’s pledge not to attack Iran before the midterm elections, together with China’s planned resumption of refined fuel exports, had pushed oil prices lower earlier in the October 9 session.
Trump said on October 8 that Washington was having “productive discussions” with Iran aimed at ending the war in the Middle East. Trump said no attack was planned before the November 3 midterm congressional elections, following media reports that he was considering a strike before then.
Trump also signalled an upcoming announcement on diesel, without disclosing details, and said he was considering suspending the federal petrol tax.
China, the world’s largest oil importer, planned to resume refined fuel exports after a brief suspension during the Golden Week holiday, sources cited by Reuters said on October 9. The prospect of renewed Chinese exports also weighed on oil prices.
Iran reviews Hormuz proposal as US sanctions continue
Iranian Foreign Minister Abbas Araqchi said Tehran was reviewing Washington’s response to an Iranian proposal that would reopen the Strait of Hormuz within seven days, Iran’s Tasnim news agency reported on October 8.
Threats to shipping in the Gulf and the Strait of Hormuz increased during the week ending October 9, contributing to volatile oil prices. Before the war, shipments passing through the strait amounted to about 20% of global oil and fuel.
The United States maintained economic pressure on Iran through sanctions targeting individuals, networks and 17 vessels over the transport of Iranian crude, oil products and petrochemicals.
The Iran war and the conflict between Russia and Ukraine have disrupted supplies of refined fuels, including petrol, jet fuel and particularly diesel.
