Overview

• 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.