Oil Prices Rise Amid Middle East Tensions and Hurricane Impact

Potential Israeli retaliation against Iran and Hurricane Milton's destruction in Florida contribute to oil market volatility.

Both U.S. West Texas Intermediate and Brent crude oil are set for a second consecutive weekly gain despite slight declines on Friday.
The oil market is on edge as Israel considers retaliatory strikes on Iranian oil infrastructure following Iran's missile attacks.
Concerns over potential supply disruptions in the Middle East have added a geopolitical risk premium to oil prices.
Hurricane Milton has caused significant damage in Florida, potentially reducing fuel consumption in the U.S., the world's largest oil consumer.
Gulf states are urging the U.S. to discourage Israeli attacks on Iranian oil sites to prevent regional escalation and protect their own facilities.