Oil Prices Rise Amid Houthi Attacks, US Storm Concerns
(RTTNews) - Oil prices were up nearly 1 percent on Wednesday as traders weighed supply risks following more attacks on vessels in the Persian Gulf region.
Brent crude futures jumped 0.9 percent to $101.50 a barrel, extending gains from the previous session on fears Iran is stepping up attacks on tankers in the Strait of Hormuz. WTI crude futures were up 0.3 percent at $89.70 a barrel.
U.K. Maritime Trade Operations said there had been nine attacks so far this month, half the number it reported for all of September in the waterway and Persian Gulf combined.
In a statement on the social media platform X, Yemen's Houthi group claimed that it carried out a series of drone and ballistic missile attacks targeting airports and military installations in Saudi Arabia.
Also, the Houthis denied being pushed back by government forces after Yemen's military said it had removed the pro-Iran group from areas around the Bab al-Mandab strait - a Red Sea chokepoint - and the port city of Mocha.
Market participants also remained concerned about the possible impact of a hurricane on the oil producing regions in the U.S.
Tropical Depression Nine formed over the southwestern Gulf of American on Tuesday is forecast to strengthen into a tropical storm early today and hurricane on Thursday.
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