Oil prices rise as Hurricane Milton hits Florida

Oil drilling rigs

Oil prices rose in early session today, Oct. 10, as fuel demand in the US surged with Hurricane Milton approaching Florida, and tensions in the Middle East continued to simmer.

Brent crude was trading up 0.78% at $77.18 a barrel at 07:53 am Makkah time. WTI crude rose 0.83% to $73.86 a barrel.

Hurricane Milton, which hit Florida’s west coast and raised water levels, increased demand for gasoline, with supplies running out in nearly a quarter of the state’s gas stations, Reuters reported.

Oil prices also received support from the tensions in the Middle East, with Israeli Defence Minister Yoav Gallant promising that the strike against Iran would be “deadly, precise and surprising.”

However, US oil inventory data limited gains after the Energy Information Administration revealed that inventories rose by 5.8 million barrels to 422.7 million barrels in the week ended Oct. 4, a larger-than-expected increase.