Hurricane Isaias Threatens Gulf Oil
Photo: NOAA/AP/TT

Hurricane Isaias Threatens Gulf Oil Facilities, Sending Brent Prices Higher

Oil prices are getting an extra boost as Hurricane Isaias threatens to knock out oil and gas facilities in the Gulf of Mexico. North Sea oil (Brent) - already buoyed by uncertainty in the Middle East - is up 5 percent to more than $105 per barrel.

Roughly 25 percent of oil production and 16 percent of fossil gas production in the area have already been shut down because of the risk of damage in the hurricane's wake, according to US authorities.

Forecasts increasingly suggest that the hurricane, which is still gaining strength, will hit coastal areas in Louisiana and Texas late Friday or early Saturday. If the hurricane's path shifts further west, even more offshore production facilities in the Gulf of Mexico could be forced to shut down.

The hurricane's wind gusts have been measured at 33 meters per second.

In this story
AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers
Was this useful?

What do you think?

Keep readingmore from Business

All