Oil gains as US storm and Houthi air strikes threaten supply
- Oil prices increased on Wednesday due to supply concerns from a storm approaching US oil-producing regions.
- Brent futures rose by 0.8% to $101.39 a barrel, while US West Texas Intermediate crude futures gained 0.7% to $90.05 a barrel.
- The Gulf offshore area affected by the storm produces 15% of US crude oil and 5% of natural gas, potentially disrupting 50% of US refining capacity.
