Shell, Chevron, BP Pull Crews as Hurricane Isaias Barrels Toward Gulf Coast Refineries

Shell, Chevron, and BP have evacuated personnel and shut down production at Gulf of Mexico platforms as Hurricane Isaias approaches, with the hurricane reaching Category 3 status with 120 mph winds. As of Thursday, approximately 1.3 million barrels per day, or 62.9% of Gulf oil output, has been shut in, significantly impacting the region that produces nearly 15% of U.S. crude annually. The production cuts are expected to affect oil markets, with potential refinery outages leading to price fluctuations in crude and fuel. Brent crude prices rose 4% to $104.28 a barrel, while West Texas Intermediate increased by 3.6% to $91.49 before easing slightly in midday trading.