Price movements
By 13:30 GMT, crude futures were higher Brent $1.2, or 1.6 percent, to $77.78 per barrel, while US West Texas crude futures increased $1.16, or 1.6 percent, to $74.40 per barrel.
And exposed USthe largest oil producing and consuming country in the world, was hit by another major storm, Hurricane Milton, which swept through the state of Florida, where about a quarter of gas stations ran out of supplies, which helped support crude prices.
Prices rose this month after it was launched Iran More than 180 missiles were launched at Israel on October 1, raising possibilities of retaliation and targeting Iranian oil facilities.
And with no response Israel So far, crude prices have declined again and remained relatively stable throughout the week.
But investors are still cautious after Israeli Defense Minister Yoav Galant threatened Iran with a “deadly, targeted, and sudden” strike.
Analysts at ANZ said in a note on Thursday that Biden “continues to discourage Israel from targeting oil facilities, but there are growing concerns that Israel’s allies have little influence on its strategy.”
Although production threats from the Middle East region are at the forefront of attention, weak demand continues to overshadow fundamental expectations.
On Tuesday, the US Energy Information Administration lowered its demand forecast for 2025 due to weak economic activity in China and North America.
Data from the administration showed yesterday, Wednesday, that the increase in crude inventories exceeded the expectations of analysts polled by Reuters.
