Brent Climbs to $102.28 as Gulf Shipping Attacks Raise Supply Concerns

Brent crude futures rose $2.28, or 2.28%, to $102.28 a barrel at 04:27 UTC on October 8 as attacks on Gulf shipping raised concerns about Middle Eastern supplies. U.S. West Texas Intermediate futures gained $1.66, or 1.88%, to $89.94 a barrel. The gains followed lower settlements on Wednesday amid continued threats to shipping through the Strait of Hormuz. Storm-related production shutdowns in the U.S. Gulf also tightened supply. The U.S. offshore regulator estimated on October 7 that 25.08% of Gulf oil production and 16.37% of natural-gas production had been shut in.