Oil eases though investors wary over potential Mideast supply disruption
OIL & GAS

Oil eases though investors wary over potential Mideast supply disruption

Oil eased after a rally the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites. Brent crude oil futures fell 39 cents, or 0.5 % , to $79.01 a barrel by 0152 GMT. U.S. West Texas Intermediate crude futures dropped 32 cents, or 0.4 % , to $75.53 per barrel.

For the week, both benchmarks were headed for a 1 % -2 % gain. In the United States, Hurricane Milton plowed into the Atlantic Ocean on Thursday after cutting a destructive path across Florida, killing at least 10 people and leaving millions without power. The destruction could dampen fuel consumption in some areas of the world's largest oil producer and consumer.

"Investors are evaluating how hurricane damage might impact the U.S. economy and fuel demand," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. "Oil prices are likely to hover around the current 200-day average levels, with the primary concern being whether Israel will retaliate against Iranian oil facilities," he said.The 200-day average for Brent is at $81.68 a barrel and for WTI it's at $77.36.

Crude benchmarks spiked this month after Iran launched more than 180 missiles against Israel on Oct. 1, raising the prospect of retaliation against Iranian oil facilities. Israel has yet to respond, and crude benchmarks have eased and remained relatively flat through the week.

Israeli Defence Minister Yoav Gallant, however, has said that any strike against Iran would be "lethal, precise and surprising".Iran is backing several groups fighting Israel, including Hezbollah in Lebanon, Hamas in Gaza and the Houthis in Yemen. In Lebanon, Israeli strikes on central Beirut on Thursday night killed 22 people and wounded at least 117, Lebanon's health ministry said. Lebanese security sources said at least one senior Hezbollah figure was also targeted in the attacks.

Gulf states, meanwhile, are lobbying Washington to stop Israel from attacking Iran's oil sites, out of concern their own oil facilities could come under fire from Tehran's proxies if the conflict escalates, three Gulf sources told Reuters.

Oil eased after a rally the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites. Brent crude oil futures fell 39 cents, or 0.5 % , to $79.01 a barrel by 0152 GMT. U.S. West Texas Intermediate crude futures dropped 32 cents, or 0.4 % , to $75.53 per barrel. For the week, both benchmarks were headed for a 1 % -2 % gain. In the United States, Hurricane Milton plowed into the Atlantic Ocean on Thursday after cutting a destructive path across Florida, killing at least 10 people and leaving millions without power. The destruction could dampen fuel consumption in some areas of the world's largest oil producer and consumer. Investors are evaluating how hurricane damage might impact the U.S. economy and fuel demand, said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. Oil prices are likely to hover around the current 200-day average levels, with the primary concern being whether Israel will retaliate against Iranian oil facilities, he said.The 200-day average for Brent is at $81.68 a barrel and for WTI it's at $77.36. Crude benchmarks spiked this month after Iran launched more than 180 missiles against Israel on Oct. 1, raising the prospect of retaliation against Iranian oil facilities. Israel has yet to respond, and crude benchmarks have eased and remained relatively flat through the week. Israeli Defence Minister Yoav Gallant, however, has said that any strike against Iran would be lethal, precise and surprising.Iran is backing several groups fighting Israel, including Hezbollah in Lebanon, Hamas in Gaza and the Houthis in Yemen. In Lebanon, Israeli strikes on central Beirut on Thursday night killed 22 people and wounded at least 117, Lebanon's health ministry said. Lebanese security sources said at least one senior Hezbollah figure was also targeted in the attacks. Gulf states, meanwhile, are lobbying Washington to stop Israel from attacking Iran's oil sites, out of concern their own oil facilities could come under fire from Tehran's proxies if the conflict escalates, three Gulf sources told Reuters.

Next Story
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?