Oil prices rise 1% amid US storm concerns and Israel-Iran tensions

11 Oct 2024 CW Team

Oil prices experienced an increase of over 1 per cent, driven by a surge in fuel demand as a major storm approached Florida and amid on-going concerns regarding Middle Eastern supply risks.

Brent crude futures rose by $1.01, or 1.3 per cent, reaching $77.59 a barrel by 1108 GMT. Similarly, U.S. West Texas Intermediate (WTI) futures climbed by $1, or 1.4 per cent, to $74.24.

In the United States, the largest oil producer and consumer, Hurricane Milton made landfall in Florida, leading to the sale of gasoline at approximately a quarter of fuel stations, which helped support crude prices.

Prices spiked earlier in the month following Iran's launch of over 180 missiles targeting Israel on October 1, raising concerns about potential retaliation against Iranian oil facilities. Despite Israel's lack of response, crude benchmarks eased again, remaining relatively stable throughout the week.

Investors remained cautious, particularly since Israeli Defence Minister Yoav Gallant had assured that any strike against Iran would be "lethal, precise and surprising." US President Joe Biden had discussions with Israeli Prime Minister Benjamin Netanyahu regarding Israel's plans concerning Iran. However, analysts from ANZ noted a growing concern that Israel's allies might have limited influence over its strategy.

Even with the heightened tensions in the oil-producing Middle Eastern region, demand concerns continued to shape the fundamental outlook. Tamas Varga, an analyst at oil broker PVM, commented that without a significant demand excess or supply shortage, the risk would remain tilted toward the downside. He suggested that even if Israel's aggressive rhetoric translated into an attack on Iranian oil infrastructure, any price reaction could be brief yet intense.

Additionally, the U.S. Energy Information Administration (EIA) downgraded its demand forecast for 2025 due to weakening economic activity in China and North America. EIA data released on Wednesday indicated that crude inventories had built more than analysts had anticipated in a Reuters poll.

Oil prices experienced an increase of over 1 per cent, driven by a surge in fuel demand as a major storm approached Florida and amid on-going concerns regarding Middle Eastern supply risks. Brent crude futures rose by $1.01, or 1.3 per cent, reaching $77.59 a barrel by 1108 GMT. Similarly, U.S. West Texas Intermediate (WTI) futures climbed by $1, or 1.4 per cent, to $74.24. In the United States, the largest oil producer and consumer, Hurricane Milton made landfall in Florida, leading to the sale of gasoline at approximately a quarter of fuel stations, which helped support crude prices. Prices spiked earlier in the month following Iran's launch of over 180 missiles targeting Israel on October 1, raising concerns about potential retaliation against Iranian oil facilities. Despite Israel's lack of response, crude benchmarks eased again, remaining relatively stable throughout the week. Investors remained cautious, particularly since Israeli Defence Minister Yoav Gallant had assured that any strike against Iran would be lethal, precise and surprising. US President Joe Biden had discussions with Israeli Prime Minister Benjamin Netanyahu regarding Israel's plans concerning Iran. However, analysts from ANZ noted a growing concern that Israel's allies might have limited influence over its strategy. Even with the heightened tensions in the oil-producing Middle Eastern region, demand concerns continued to shape the fundamental outlook. Tamas Varga, an analyst at oil broker PVM, commented that without a significant demand excess or supply shortage, the risk would remain tilted toward the downside. He suggested that even if Israel's aggressive rhetoric translated into an attack on Iranian oil infrastructure, any price reaction could be brief yet intense. Additionally, the U.S. Energy Information Administration (EIA) downgraded its demand forecast for 2025 due to weakening economic activity in China and North America. EIA data released on Wednesday indicated that crude inventories had built more than analysts had anticipated in a Reuters poll.

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Infrastructure Urban

01 Jun 2026

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

Infrastructure Urban

01 Jun 2026

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..