Oil Prices Rise As Storm Threatens Arabian Peninsula

Oman evacuated tens of thousands of people Wednesday, suspended oil exports, and closed the major port of Sohar as a weakening Cyclone Gonu roared toward the Strait of Hormuz - the world's major transport artery for Persian Gulf oil.

Oil prices showed signs of rising amid forecasts that the strongest storm to hit the Arabian Peninsula in 60 years was barreling toward Iran.

As heavy rains lashed coastal areas, authorities closed all operations at the port of Sohar and evacuated the 11,000 workers, port spokesman Dirk Jan De Vink said.

Sohar's oil refinery and petrochemical plant remained running at very low levels, with authorities considering a total shutdown, he said.