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Global oil prices soared nearly 4% on Thursday, reflecting a volatile combination of surging US fuel demand and growing geopolitical instability in the Middle East, which threatens to disrupt global supply chains. The spike in prices highlights increasing market vulnerability to both natural disasters and political tensions, raising alarms among energy experts.

Brent crude futures rose $2.82, settling at $79.40/barrel

WTI increased by $2.61 to close at $75.85/barrel.

Hurricane Milton, which battered Florida, has exacerbated the situation by severely disrupting fuel distribution. The storm forced the closure of key fuel terminals, delayed tanker deliveries, and halted pipeline operations, deepening supply chain stress in the US market.

Meanwhile, rising geopolitical tensions in the Middle East have added further uncertainty. Concerns over a potential Israeli attack on Iran’s oil infrastructure are intensifying fears of a major supply shock, which could ripple through global markets.

Written by: Muhammad Hafiz