Oil prices climb amid storm and strike threats
Oil prices rose today, Wednesday, as the market assessed supply restrictions due to a storm heading towards U.S. oil-producing regions and Houthi attacks on Saudi Arabia, alongside increased oil supplies from the Middle East. Brent futures increased by 0.92%, reaching $101.51 per barrel, while West Texas Intermediate futures rose to $90.25. Authorities expect the storm, which formed in the Gulf of Mexico and is the first hurricane of the Atlantic hurricane season in 2026, to be capable of hitting oil and gas facilities, potentially disrupting production and refining. The region produces 15% of U.S. oil and 5% of natural gas. Additionally, U.S. crude oil inventories declined by 2.09 million barrels, reflecting market tension and the impact of these events on supply.
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