NEW YORK: Oil prices jumped about 4 per cent on Thursday on a spike in US fuel use before Hurricane Milton barrelled across Florida, Middle East supply risks and signs that demand for energy could grow in the US and China.

Brent futures rose $2.87, or 3.8pc, to $79.45 a barrel by 1:24 p.m. EDT (1724 GMT), while US West Texas Intermediate (WTI) crude rose $2.75, or 3.8pc, to $75.99.

In the US, the world’s largest oil producer and consumer, Hurricane Milton barrelled across Florida, where about a quarter of fuel stations sold out of gasoline, knocking out power to more than 3.4 million homes and businesses.

Published in Dawn, October 11th, 2024