Oil rises as shipping and hurricane risks threaten supply

Oil prices rose during Thursday trading as renewed risks to Middle East shipping and storm-related disruptions to U.S. offshore production outweighed signs of recovering regional crude flows and the prospect of emergency stock supplies. Brent and U.S. West Texas Intermediate futures gained, though reported prices varied by trading time: Brent ranged from about $101.10 to $104.07 a barrel, and WTI from $89.08 to $91.53. These were intraday snapshots, not a single closing price. Shipping concerns intensified after a tanker north of Qatar was struck by projectiles on Wednesday, with casualties reported by the United Kingdom Maritime Trade Operations agency. Separately, shipping data from Kpler showed Strait of Hormuz traffic at a two-month low. Reports also described tanker attacks last week as reaching their highest weekly level since the war began. The extent and duration of any resulting supply losses remain uncertain. A second risk came from Hurricane Isaias, which prompted companies to reduce activity in the Gulf of Mexico. Shell and Chevron said they were scaling back offshore operations as the storm approached.