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Oil prices climb in morning trading
Oil prices rose today (Wednesday) due to concerns over supply disruptions, as tensions in oil-producing regions escalate, including Houthi attacks on Saudi Arabia and the potential threat of a storm in the Gulf of Mexico that could impact oil facilities. Brent crude futures increased to $101.51 per barrel, while West Texas Intermediate (WTI) futures rose to $90.25, amid expectations that production and refining could be affected by a possible storm in the Gulf of Mexico, which accounts for 15% of U.S. oil production. Additionally, the military escalation in Yemen and the shutdown of some refineries are pushing up refining costs and keeping crude oil prices high, amid ongoing tensions between the United States and Iran and no immediate resolution to the crisis.
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