Oil prices rose on Wednesday as traders weighed potential supply disruptions from a storm moving towards US oil-producing areas and attacks by Yemen's Iran-backed Houthis on Saudi Arabia against rising shipments of Middle East crude.
US forecasters said on Tuesday that a storm developing in the Gulf of Mexico was expected to become the first Atlantic hurricane of 2026 within two days and could affect oil and gas production facilities. The offshore areas in the storm's projected path account for 15% of US crude oil output and 5% of the country's natural gas production.
