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Oil prices climb above $100 on Strait of Hormuz attacks, Gulf storm threat
Yahoo Finance • • business
Key Points:
- Oil prices increased on Wednesday due to heightened attacks in the Strait of Hormuz and an approaching storm on the Gulf Coast, with Brent crude rising above $101 per barrel and West Texas Intermediate near $90.
- UK officials reported at least nine attacks in the Strait of Hormuz in October amid ongoing US-Iran tensions, despite increased oil shipments through the waterway in recent weeks.
- A tropical storm approaching the Gulf Coast is expected to become a hurricane by Friday, prompting Chevron to evacuate nonessential personnel from offshore platforms in the area.
- Refined fuel prices have surged due to volatile crude costs and maxed-out refining capacity, with gasoline averaging $4.36 per gallon and diesel at $6.30, significantly higher than last year.
- President Trump indicated he is considering suspending the federal gas tax to help ease high energy costs ahead of the November mid-term elections.
