Oil prices rise as storm, Middle East tensions thr...

Summary

• Refineries along the US Gulf Coast represent nearly half of the country’s total refining capacity of 18.2 million barrels per day.
• Saudi Arabia said its East-West oil pipeline had restored flows to 5.8 million barrels per day.
• Vitol’s chief executive also said tankers had carried about 12 million barrels per day of crude and 2 million barrels per day of refined products out of the region over the past seven to 10 days.

AI Generated Summary

Oil prices rose on Wednesday as traders assessed potential supply disruptions from a developing storm in the US Gulf of Mexico and escalating tensions in the Middle East.

Brent crude futures gained $1.05, or 1.04%, to $101.63 a barrel by 0400 GMT, while US West Texas Intermediate (WTI) crude increased 80 cents, or 0.89%, to $90.24.