Brent crude oil futures hit $75 per barrel for the first time since August 2 as the market continues to face declining supply from the US.

At 9:05 New York time, Brent crude oil rose 1.9% to $75.02 per barrel.

The price of Brent crude oil has been rising steadily since the end of August. After Hurricane Ida shut down some oil production along the Gulf Coast of the United States, oil prices were further boosted. Currently, about 40% of production capacity has not been restored.

Given the decline in US inventories, the International Energy Agency (IEA) said this week that the global market will not receive more supply until October, when the Organization of Petroleum Exporting Countries (OPEC) and its allies will increase production.

The tight supply poses the risk that major oil consumers will interfere in the market.