Oil climbs on storm and strike risks
Oil prices rose today, Wednesday, with Brent crude reaching $101.51 per barrel and U.S. West Texas Intermediate (WTI) increasing to $90.25. This surge was driven by market concerns over supply restrictions caused by a storm heading toward oil production areas in the Gulf of Mexico, as well as Houthi attacks in Yemen, allied with Iran, targeting Saudi Arabia. The storm, which may develop into the first hurricane in the Atlantic Ocean in 2026, is expected to cause disruptions in production and refining, especially since the United States depends on the Gulf of Mexico for about 15% of its oil and 5% of its natural gas.
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