Oil rises as Gulf storm risk and Saudi attacks weigh on supply

Oil prices rose in Wednesday trading as investors weighed renewed security concerns in the Middle East and a storm forecast to threaten U.S. Gulf of Mexico energy facilities against signs that crude flows from the region were recovering. Brent traded around $101.50 to $101.63 a barrel in early market snapshots, while U.S. West Texas Intermediate was near $90.20 to $90.25. The figures reflect different points in trading, not closing prices. U.S. forecasters said Tuesday that a storm forming in the Gulf of Mexico could become the first Atlantic hurricane of 2026 within two days and could affect oil and gas production facilities. Offshore areas in its projected path account for 15% of U.S. crude production and 5% of natural gas output, according to reports. The storm also posed a potential risk to coastal refineries, though no disruption had been confirmed. Saudi aviation authorities said airports in Jazan and Najran were attacked Monday evening. One report said three people were injured. The incidents came amid hostilities between Saudi Arabia and Yemen’s Iran-aligned Houthi movement.