Oil prices rise as storms and air strikes threaten supply

Oil prices have risen as the market weighs supply constraints from a storm heading for US oil-producing regions and attacks by Iran-backed Houthis on Saudi Arabia. Brent futures rose 0.92% to $101.51 a barrel, while US West Texas Intermediate (WTI) crude increased 0.92% to $90.25. US forecasters warned that a storm forming in the Gulf of Mexico could become the first Atlantic hurricane of 2026, potentially impacting oil and gas production in the region, which accounts for 15% of US crude oil and 5% of the country's natural gas.

The storm could affect six refineries, with refineries in US Gulf states producing about 50% of the national capacity.

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