Brent crude hits $101.60 on Gulf of Mexico storm fears
Business
Oil prices just shot past $101 a barrel, with Brent crude hitting $101.60 on Wednesday.
The spike comes as traders worry about possible supply disruptions: there is a storm developing in the Gulf of Mexico that could become 2026's first Atlantic hurricane, threatening US oil production.
Even though the Middle East is pumping out more oil, those weather worries are keeping everyone on edge.
Saudi airport attacks, US crude falls
Saudi Arabia is dealing with security threats after attacks on its airports, while the US has seen crude stockpiles drop by 2.09 million barrels in the week ended October 2 amid ongoing strains with Iran.
All these factors are making oil prices pretty unpredictable right now, so expect more ups and downs ahead as markets react to every new twist.