{"id":15327,"date":"2024-10-10T08:58:25","date_gmt":"2024-10-10T08:58:25","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15327"},"modified":"2024-10-10T08:58:25","modified_gmt":"2024-10-10T08:58:25","slug":"oil-hikes-on-war-concerns-u-s-storm-fears","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/oil-hikes-on-war-concerns-u-s-storm-fears\/","title":{"rendered":"Oil Hikes on War Concerns, U.S. Storm Fears"},"content":{"rendered":"\n<p>Key points:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Brent crude rose by 0.5% to $76.95 per barrel, while WTI gained 0.5% to reach $73.59.<\/li>\n\n\n\n<li>Florida\u2019s fuel demand surged due to Hurricane Milton, with some stations selling out.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p>In early Asian trading, oil prices rose, with Brent crude adding 37 cents to $76.95 per barrel, while U.S. West Texas Intermediate (WTI) increased by 35 cents to $73.59 per barrel.&nbsp;<\/p>\n\n\n\n<p>These price gains come as market participants reacted to concerns over possible supply disruptions in the Middle East. Israel\u2019s Defence Minister Yoav Gallant reiterated plans to strike Iran, one of the region\u2019s major oil producers, heightening fears of a broader conflict that could affect oil exports.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/10\/image-16-1024x464.jpeg\" alt=\"\" class=\"wp-image-15328\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>See: Oil prices are consolidating around $73.55 after a recent high of $78.44 as shown on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Hurricane Milton Sparks Fuel Shortages and Drives Up Oil Prices<\/strong><\/h2>\n\n\n\n<p>Additionally, U.S. fuel demand saw a sharp spike following Hurricane Milton\u2019s landfall on Florida\u2019s west coast. <a href=\"https:\/\/x.com\/FOX5Atlanta\/status\/1844067926694887508\"><strong>The storm triggered tornadoes and caused a surge in fuel purchases<\/strong><\/a>, leading to fuel shortages at roughly 25% of the state\u2019s gas stations. This sudden demand added upward pressure to oil prices, as market participants braced for potential supply constraints.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Residents trying to escape Hurricane Milton\u2019s path are feeling the impact of fuel supply shortages at some gas stations with gas in high demand. <a href=\"https:\/\/t.co\/9SWRbwvuwZ\">https:\/\/t.co\/9SWRbwvuwZ<\/a><\/p>&mdash; FOX 5 Atlanta (@FOX5Atlanta) <a href=\"https:\/\/twitter.com\/FOX5Atlanta\/status\/1844067926694887508?ref_src=twsrc%5Etfw\">October 9, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Geopolitical tensions lift oil prices, but EIA forecasts cautious demand outlook<\/strong><\/h2>\n\n\n\n<p>While geopolitical tensions have supported oil prices, underlying market fundamentals suggest a more cautious outlook. <\/p>\n\n\n\n<p>The U.S. Energy Information Administration (EIA) recently downgraded its oil demand forecast for 2025 due to weakening economic activity in both China and North America.<\/p>\n\n\n\n<p>\u00a0The EIA\u2019s data release also showed an increase in U.S. crude inventories, with stocks rising by 5.8 million barrels to 422.7 million barrels last week. <\/p>\n\n\n\n<p>This inventory build was larger than anticipated, although still lower than earlier estimates from the American Petroleum Institute.<\/p>\n\n\n\n<p><strong>Previously: <a href=\"https:\/\/www.vtmarkets.com\/analysis\/oil-retreats-after-weekly-rise-in-over-a-year\/\">Oil Retreats After Weekly Rise in Over a Year<\/a><\/strong><\/p>\n\n\n\n<p>With traders focusing on both short-term disruptions and longer-term demand concerns, we expect oil prices to remain volatile, fluctuating with incoming geopolitical and economic developments.<\/p>\n\n\n\n<p><strong>Start trading now \u2014 click <\/strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\"><strong>here<\/strong><\/a><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices surge with Middle East supply fears and fuel demand spike, as traders weigh geopolitical risks against weak global demand. &#8211; vtmarkets.com <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[44,34],"class_list":["post-15327","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-commodities","tag-oil"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15327"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15327\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}