Oil prices rose today amid a surge in fuel demand following the landfall of Hurricane Milton in Florida. In the global crude market, Brent crude was trading 1.07 per cent up at 77 dollars and 40 cents per barrel and the U.S. West Texas Intermediate (WTI) was trading 1.1 per cent up at 74 dollars and five cents per barrel when reports last came in.
International benchmark Brent crude rose by 0.74% to $77.15 per barrel at 11.49 a.m. local time (0849 GMT), up from the previous session’s close of $76.58.
US benchmark West Texas Intermediate (WTI) increased by 0.83% to $73.85 per barrel after closing at $73.24 in the prior session.
Concern that ongoing conflict between Israel, Hamas and Hezbollah in the Middle East may spread to a wider area and cause a disruption in oil supply supported price increase.