Oil Prices Edge Higher Amid Election Uncertainty and Gulf Storm Threats

Oil prices saw a modest increase as markets brace for the U.S. presidential election and the impact of Tropical Storm Rafael on Gulf of Mexico production. West Texas Intermediate (WTI) rose 0.7% to approximately $72 per barrel, while Brent crude gained 0.6%, settling above $75. The storm is projected to disrupt around 1.7 million barrels of daily production, prompting Chevron to halt operations and Shell to evacuate non-essential personnel. Adding to market tension, polling suggests a close race between Donald Trump and Kamala Harris. A second Trump administration could boost the U.S. shale industry and alter foreign policy, potentially intensifying sanctions on Iran and easing restrictions on Russian oil. At the time of writing, oil markets reflect this mix of geopolitical and environmental risks, influencing short-term price movements.

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