Oil Prices Fall as Supply Optimism Outweighs Houthi Attacks and Storm Risks

Oil futures settled lower Wednesday despite Houthi attacks in Saudi Arabia and Gulf storm shut-ins. Brent crude fell 0.4% to $100.20 a barrel, and WTI dropped 1.3% to $88.28. Traders focused on continued flows from the Middle East, with an analyst estimating nearly 90% of Strait of Hormuz traffic moving. The EIA reported a 3.2-million-barrel crude inventory draw and raised its Q4 Brent forecast to $105 a barrel. Shell said its refining margin marker is expected to reach a record $42 a barrel in Q3.