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
Infrastructure Urban

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

Next Story
Real Estate

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

Next Story
Infrastructure Transport

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?