The Brent crude oil futures they climb $2.37 (+3.1%) to $78.95 per barrel. The West Texas Intermediate (WTI) futures US advances 2.14 dollars (+2.9%) to $75.38.
Hurricane Milton boosts oil prices
In the United States, the largest producer and consumer of oil in the world, the Hurricane Milton It made landfall in Florida, where about a quarter of gas stations ran out of fuel, helping to support crude oil prices.
Prices soared this month after Iran launched more than 180 missiles at Israel on October 1, which increased the possibility of retaliation against the Islamic Republic’s oil facilities.
Since the Jewish State has not yet responded, crude oil benchmarks fell again and remained relatively flat during the week.
However, investors remained cautious, as the Israeli Defense Minister, Yoav Gallant, He promised that any attack on Iran would be “lethal, precise and surprising.”
The president of the United States, Joe Bidenspoke on Wednesday with the Israeli Prime Minister, Benjamin Netanyahuabout Israel’s plans in relation to Iran, although analysts from ANZ they stated that There are growing concerns that Israel’s allies have little influence on its strategy.
Even with threats to the oil-producing Middle East region in the spotlight, demand concerns continue to underpin the fundamental outlook.
The US Energy Information Administration (EIA) On Tuesday, it lowered its demand forecast for 2025 due to the weakening of economic activity in China and North America.
The data of the EIA Wednesday showed crude inventories last week rose more than analysts expected in a Reuters poll.
Source: Ambito
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