Oil prices dip as hurricane impact and geopolitical risks weigh on markets
Oil prices dip as hurricane impact and geopolitical risks weigh on markets
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NewsTranscript
00:00Oil prices softened but were set for a second weekly gain as investors consider the impact of hurricane damage on U.S.
00:07demand against potential supply disruptions from Israeli attacks on Iranian oil sites.
00:12Brent crude futures fell 0.9% to $78.67 a barrel, while U.S. West Texas intermediate crude dropped to 0.9% to $75.14 a barrel.
00:25Barclays noted an Israeli strike could reduce spare capacity but also increase geopolitical risks,
00:31explaining recent market volatility.
00:34Hurricane Milton has impacted fuel consumption in the U.S. crude markets,
00:38spiked earlier this month due to Iran's missile attacks on Israel,
00:42and Gulf states are pressing Washington to prevent Israel from attacking Iran's oil infrastructure.