Oil prices climb above $100 on Strait of Hormuz attacks, Gulf storm threat

Oil prices rose on Wednesday amid increased attacks in the Strait of Hormuz and an incoming storm in the Gulf Coast region.

Brent crude ( BZ=F ) rose to trade back above $101 per barrel while West Texas Intermediate crude ( CL=F ) was close to $90 a barrel.

Despite increased shipments through the Strait of Hormuz in recent weeks, UK officials have reported at least nine attacks in the critical waterway so far in October amid a continued US-Iran conflict.

Meanwhile, a tropical storm is nearing the Gulf coast, threatening to make landfall as a hurricane by Friday. Chevron said it is evacuating nonessential personnel from its offshore platforms in the region.

Volatile crude oil costs , along with maxed-out refining capacity, have caused refined fuel prices to surge.

Gasoline prices averaged $4.36 per gallon on 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 is considering suspending the federal gas tax.

The administration has been looking for ways to ease high energy costs ahead of November's mid-term elections.

"Well, we're thinking about that," Trump replied when asked if the tax would be suspended.

Ines Ferre is a senior business reporter for Yahoo Finance.