WASHINGTON (dpa-AFX) - Oil prices climbed on Thursday amid lingering Middle East tensions and expectations of higher demand for fuel in response to Hurricane Milton, which swept across central Florida today after making landfall on the state's west coast the previous evening.
Benchmark Brent crude futures rallied 1.4 percent to $77.66 a barrel, while WTI crude futures were up 1.5 percent at $74.35.
Middle East tensions persisted, with media reports suggesting that U.S. President Biden and Israeli Prime Minister Benjamin Netanyahu have discussed Israel's expected military retaliation against Iran in their first call in over a month Wednesday.
Israeli military strikes are targeting Iran's armed allies across a nearly 2,000-mile stretch of the Middle East and threatening Iran itself.
Although Hurricane Milton has weakened slightly since it made landfall, it is expected to retain intensity the entire time it travels across the Florida Peninsula.
Meanwhile, investors are pinning hopes that policymakers will announce more stimulus to revive growth at a press briefing by China's finance ministry on Saturday.
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