Oil price today: Why Brent is above $100 as US hurricane threatens oil supply

Oil prices stayed above $100 per barrel on Wednesday due to concerns over potential supply disruptions from the Middle East conflict and an approaching storm in the US. Brent crude futures rose 35 cents, or 0.35%, to $100.93 per barrel, while WTI crude increased 15 cents, or 0.17%, to $89.59 per barrel. The biggest worry is whether the current Middle East supply can be sustained amid ongoing military clashes and ship attacks.

Experts say the market remains nervous, as any new disruption could quickly push prices higher. Saudi Arabia's oil exports have increased to 5.8 million barrels per day, but traders are unsure if this rise will last. Meanwhile, a storm forming in the Gulf of Mexico could hit US oil facilities, producing 15% of US crude and 5% of US natural gas. This storm could temporarily halt production and refining, adding to the market's supply concerns.