WASHINGTON (dpa-AFX) - Oil prices rose sharply on Thursday as worries about escalating tensions in the Middle East outweighed uncertainty about the outlook for demand. Possible supply disruptions due to the impact of Hurricane Milton contributed as well to the rise in oil prices.
Also, investors hope the Chinese government will announce further stimulus to revive economic growth.
West Texas Intermediate Crude oil futures for November ended higher by $2.61 or about 3.56% at $75.85 a barrel.
Brent crude futures settled at $79.40 a barrel, gaining $2.82 or about 3.68%.
On the geopolitical front, Middle East tensions persisted, with media reports suggesting that U.S. President Biden and Israeli Prime Minister Benjamin Netanyahu have discussed Israel's expected military retaliation against Iran in their first call in over a month Wednesday.
Israeli forces fired on two positions used by U.N. peacekeepers in southern Lebanon on Thursday and at another one on Wednesday, the U.N. force said.
Hurricane Milton swept across central Florida today after making landfall on the state's west coast the previous evening.
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