Oil Tops $100 as Hormuz Attacks and Gulf Storm Threaten Supply

Yahoo Finance··USIR·Read original
5▲2 ▼1Impact / 5
Summary · why it matters

Oil prices climbed back above $100 a barrel on Wednesday as attacks intensified in the Strait of Hormuz and a tropical storm bore down on the Gulf Coast. Brent crude rose to trade above $101 per barrel, while West Texas Intermediate crude approached $90 a barrel. UK officials have reported at least nine attacks in the Strait of Hormuz so far in October amid a continued US-Iran conflict, even as shipments through the waterway had increased in recent weeks. A tropical storm nearing the Gulf Coast threatens to make landfall as a hurricane by Friday, and Chevron said it is evacuating nonessential personnel from its offshore platforms in the region. Volatile crude costs and maxed-out refining capacity have pushed refined fuel prices higher, with gasoline averaging $4.36 per gallon on Wednesday versus $3.12 a year ago and diesel at $6.30 per gallon. President Trump said Tuesday he is considering suspending the federal gas tax as the administration seeks ways to ease high energy costs ahead of November's mid-term elections.

Impact on assets 3

Energy▼
Chevron Corp
CVX
▼ NegativeSupplyrelevance

Chevron is evacuating nonessential personnel from offshore Gulf platforms as a tropical storm threatens landfall, disrupting its production.

Others▲