UNITED STATES – Oil prices rose as a building storm in the Gulf of Mexico stoked fears about potential delays to US oil and gas production, while fresh Houthi strikes in Saudi Arabia exacerbated global supply issues. Brent crude surged to roughly USD 101.51 per barrel, while WTI reached USD 90.25. The storm could damage offshore facilities that account for approximately 15% of US petroleum output, as well as many Gulf Coast refineries, keeping energy markets on alert for potential supply and processing delays.
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(Source: Reuters)