Oil prices rise as storms and air strikes threaten supply

Oil prices surged on Wednesday amid concerns over supply disruptions from an impending storm in the United States and Houthi attacks on Saudi Arabia. Brent futures climbed 93 cents, or 0.92%, to $101.51 a barrel, while US West Texas Intermediate (WTI) crude increased 82 cents, or 0.92%, to $90.25.

An Atlantic hurricane formed in the Gulf of Mexico, threatening oil and gas facilities in the region. The storm could impact six refineries, with the US Gulf states accounting for 50% of the national refining capacity. US crude oil and gasoline inventories declined, while distillate stocks rose slightly last week.

Meanwhile, Saudi Arabia faced two attacks on its airports in Jazan and Najran, escalating hostilities with Iran-backed Houthis. The kingdom's forces were engaged in a major offensive to reclaim territory from the rebels, prompting Saudi Arabia to intensify airstrikes. The attacks and potential refinery outages were expected to keep prices elevated near the $100 mark, according to analysts.