Oil prices rose on Wednesday due to increased attacks in the Strait of Hormuz and the arrival of a storm in the Gulf Coast region.
Brent crude (BZ=F) rose to return above $101 per barrel, while West Texas Intermediate crude (CL=F) was near $90 per barrel.
Despite increased shipments through the Strait of Hormuz in recent weeks, British authorities have reported at least nine attacks in the critical waterway so far in October, amid ongoing conflict between the United States and Iran.
Meanwhile, a tropical storm is approaching the Gulf Coast, threatening to make landfall as a hurricane by Friday. Chevron said it was evacuating non-essential personnel from its offshore platforms in the region.
89.83 +0.39 (+0.44%)
At 10:25:27 a.m. EDT. Open market.
CL=F BZ=F
Volatile crude oil costs, along with peak refining capacity, have caused refined fuel prices to spike.
Gasoline prices averaged $4.36 per gallon Wednesday, compared to $3.12 a year ago. Diesel prices stood at $6.30 per gallon.
On Tuesday, President Trump, responding to a reporter, said he was considering suspending the federal gas tax.
The administration is looking for ways to reduce high energy costs as the November midterm elections approach.
“Well, we’re thinking about it,” Trump responded when asked if the tax would be suspended.
Ines Ferre is a senior economics reporter for Yahoo Finance.
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