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KLEA Finance Daily: Tuesday, October 06, 2026
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Oil Prices Rise Amid Saudi-Houthi Tensions and Gulf Storm Threat
Oil prices increased on October 6, 2026, with US West Texas Intermediate crude surpassing $90 a barrel. This rise is attributed to ongoing hostilities between Saudi Arabia and Yemen's Iran-backed Houthi movement, as well as a storm developing in the Gulf of Mexico that poses a risk to oil production and coastal refineries in the United States. The storm is anticipated to become the first Atlantic hurricane of the year, raising concerns about potential supply disruptions.
The Houthis claimed responsibility for attacks on several Saudi sites, including Riyadh's King Khalid International Airport and Abha Airport, although these claims have not been confirmed by Saudi authorities. Earlier this week, confirmed attacks on airports in Jazan and Najran resulted in injuries to three individuals. Despite these tensions, oil price gains were moderated by reports of a decrease in US crude stocks, as indicated by data from the American Petroleum Institute, with official figures from the Energy Information Administration expected to be released soon.
In related market movements, gold prices fell as the US dollar strengthened and Treasury yields rose. China's central bank continued its trend of gold purchases for the 23rd consecutive month, increasing its reserves to approximately 77.5 million fine troy ounces by the end of September. The value of China's gold reserves has seen a decline, reflecting fluctuations in global gold prices. Meanwhile, the US dollar gained against major currencies, with the USD/JPY rising towards 158.50 and the EUR/USD dipping below 1.1240.
Source: KLEA News