Oil exceeds $101 amid storm fears

Oil prices have risen significantly, surpassing $101 per barrel, driven by supply disruption risks due to an approaching storm that could impact oil production facilities in the Gulf of Mexico. Tensions between Saudi Arabia and the Houthis have also escalated following an attack on Saudi facilities. Additionally, oil supplies from the Middle East have increased, amid expectations that the storm could become the first Atlantic hurricane of 2026, potentially affecting about 15% of U.S. oil production and 5% of natural gas in the region.

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