West Texas Intermediate crude futures on the New York market closed higher on Friday, October 9, 2026, supported by Hurricane Isaias moving toward the northern Gulf of Mexico, which prompted several oil companies to shut in crude production in US waters. The November WTI contract rose 36 cents, or 0.39%, to settle at 91.85 US dollars per barrel, while the December Brent contract rose 44 cents, or 0.42%, to settle at 104.72 US dollars per barrel. The US Bureau of Ocean Energy Management said that as of Thursday, October 8, producers had shut in about 1.3 million barrels per day of capacity, or 62.9% of current oil production, after the storm moved close to a key energy-producing area in the Gulf of Mexico. However, the market still faced pressure from hopes that the United States and Iran would move ahead with negotiations to end the war, as well as China's plan to resume exports of refined products after a temporary suspension during the Golden Week holiday. Analysts at PVM Oil Associates said President Donald Trump's stance on Iran, along with China's return to refined product exports, were key factors limiting the rise in oil prices, while the United States continued to apply economic pressure on Iran by announcing sanctions on 17 individuals, networks and vessels linked to Iran's crude oil, oil products and petrochemical shipments.
Hurricane Isaias forced producers to shut in about 1.3 million bpd of Gulf of Mexico crude output, tightening supply and lifting WTI.
The same Gulf storm-driven shut-ins of 1.3 million bpd supported crude prices broadly, lifting Brent as well.
