Oil prices surge amid Gulf storm warnings, Houthi strikes in Saudi Arabia
“Oil prices climbed Wednesday as investors weighed supply disruptions amid storm warnings for the Gulf of America and Houthi strikes in Saudi Arabia, Reuters reported. Brent crude futures gained 93 cent…”
Brent crude futures gained 93 cents, or 0.92%, to reach $101.51 per barrel, while U.S. West Texas Intermediate crude (WTI) rose 82 cents, or 0.92%, to $90.25. The price increases follow warnings from U.S. forecasters that a developing weather system in the Gulf of America is expected to intensify into the first Atlantic hurricane of 2026 within 48 hours.
The storm’s projected path directly threatens offshore installations that account for 15% of total U.S. crude oil production and 5% of natural gas output. Meanwhile, the Saudi-led coalition intercepted and destroyed a ballistic missile launched by Yemen's Iran-aligned Houthis toward the Saudi city of Khamis Mushait, Saudi state TV reported,.
The coalition said Houthi missile threats originated from the Houthi-controlled capital, Sanaa, as well as the governorates of Saada and Amran. The developments came amid reports of two powerful explosions in the southern port city of Aden near its international airport.
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