Oil prices rise over 3% following Hurricane Milton’s passage through the U.S.
Brent crude futures rose by $2.82, or 3.68%, to $79.40 per barrel, while U.S. West Texas Intermediate (WTI) gained $2.61, or 3.56%.
Oil prices surged nearly 4% on Thursday, driven by a spike in fuel usage in the U.S. ahead of Hurricane Milton’s landfall in Florida, supply risks in the Middle East, and signs of increasing energy demand in both the U.S. and China.
Brent crude futures rose by $2.82, or 3.68%, to $79.40 per barrel, while U.S. West Texas Intermediate (WTI) gained $2.61, or 3.56%, reaching $75.85 per barrel.
In the U.S., the world’s largest oil producer and consumer, Hurricane Milton hit Florida, where nearly a quarter of gas stations ran out of fuel, and more than 3.4 million homes and businesses lost power. The closure of several fuel terminals, delays in tanker truck deliveries, and pipeline disruptions are expected to affect supplies well into next week due to widespread power outages. This uncertainty surrounding Florida’s oil infrastructure has generally supported gasoline prices.
Investors also remained cautious after Israeli Defense Minister Yoav Gallant warned that any attack on Iran would be “lethal, precise, and surprising.”
Israeli forces fired on positions used by UN peacekeepers in Lebanon on Wednesday and Thursday, the UN force reported, while Israel warned Lebanese civilians not to return to their homes in the south as it continued an expanding offensive against the Iranian-backed Hezbollah group.
Gulf countries are urging Washington to prevent Israel from striking Iranian oil facilities, fearing their own might be targeted by Tehran’s allies if the conflict escalates, three Gulf state sources told Reuters.
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