Oil prices rise as Gulf storm and Houthi strikes threaten supply

Oil prices rose on Wednesday as traders weighed supply threats from a storm forming in the Gulf of Mexico and Houthi attacks on Saudi Arabia. Brent futures climbed 93 cents to $101.51 a barrel, while US West Texas Intermediate rose 82 cents to $90.25.US forecasters said the storm would become the first Atlantic hurricane of 2026 within two days and could hit oil and gas facilities. The offshore areas in its path produce 15 percent of US crude oil and 5 percent of natural gas, and could affect six refineries.The market also reacted to attacks by Yemen's Iran-backed Houthis on Saudi Arabia. Two airports in Jazan and Najran were targeted on Monday evening, injuring three people, the Saudi aviation authority said. The Houthis have warned international airlines to halt flights in Saudi airspace.Analysts said the storm was an unwelcome complication at a time of existing supply headaches. Rising supply from the East-West pipeline, running at 5.8 million barrels a day, partly offset the fears.
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