Oil Prices Rise on Middle East Tensions and Hurricane Milton's Impact

Concerns over potential Israeli strikes on Iran and fuel shortages in Florida drive crude oil market fluctuations.

Oil prices increased by over 1% as Hurricane Milton hit Florida, causing significant gasoline shortages.
Middle East tensions remain high with Israel contemplating strikes on Iran following recent missile attacks.
U.S. President Biden discussed Israel's plans with Prime Minister Netanyahu, amid concerns over escalating conflict.
The U.S. Energy Information Administration downgraded its oil demand forecast due to weakening economic activity in China and North America.
Despite the geopolitical risks, oil markets are influenced by bearish fundamentals, including rising U.S. crude inventories.