NEW YORK: Oil prices surged by almost 4% on Thursday due to increased fuel consumption in the US prior to Hurricane Milton tearing through Florida, concerns about Middle East supplies, and indications that China and the US may become more energy-dependent.
By 1:24 p.m. EDT (1724 GMT), Brent futures had increased $2.87, or 3.8pc, to $79.45 a barrel, while US West Texas Intermediate (WTI) crude had increased $2.75, or 3.8pc, to $75.99.
Hurricane Milton tore across Florida, the largest producer and consumer of oil in the world, causing more than 3.4 million homes and businesses to lose power and about 25% of petrol stations to run out of fuel.
