America News Agency

Brent crude futures rose 84 cents, or 1.1 percent, to $77.42 a barrel after 8 am ET. U.S. West Texas Intermediate futures were up 85 cents, or 1.16 percent, at $74.09 per barrel.

In the United States, the world’s largest oil producer and consumer, Hurricane Milton made landfall in Florida, where about a quarter of fuel stations sold out of gasoline, helping to support crude prices.

Prices spiked this month after Iran launched more than 180 missiles against Israel on Oct. 1, raising the prospect of retaliation against Iranian oil facilities. With Israel yet to respond, crude benchmarks have eased once more and remained relatively flat through the week.

But investors remained wary, given Israeli Defence Minister Yoav Gallant promised that any strike against Iran would be “lethal, precise and surprising”.

U.S. President Joe Biden spoke to Israeli Prime Minister Benjamin Netanyahu about Israel’s plans concerning Iran,  analysts said there is growing concern that Israel’s allies have little influence on its strategy.

Despite threats to the oil-producing Middle Eastern region in the spotlight, demand concerns continue to underpin the fundamental outlook.

The U.S. Energy Information Administration (EIA) on Tuesday downgraded its demand forecast for 2025 on weakening economic activity in China and North America.