Oil extends gains, WTI up 4% as supply woes weigh

Oil extends gains, WTI up 4% as supply woes weigh
The prices of oil futures continued to rise on Thursday, driven by ongoing concerns among investors about the potential impact of the conflict with Israel on Iran's oil sector. At the same time, there was keen attention on developments concerning Hurricane Milton, as it posed a risk for supply interruptions in the United States. The geopolitical tensions and natural threats added to the uncertainty regarding the global availability of the commodity.

West Texas Intermediate (WTI) for November's deliveries soared by 4.00% at 1:49 pm ET to sell for $76.17 per barrel. A minute later, Brent for December's settlements surged by 3.97% to go for $79.62 per barrel.