Geopolitical Risk and Hurricane Milton Push Oil Prices Toward a Weekly Gain

Crude oil prices have been on a retreat towards the end of the week but still look set to book another weekly gain, supported by the situation in the Middle East and worry about the security of supply. In a fresh update, Reuters reported that Gulf states were lobbying with Washington to convince Israel not to target Iranian oil sites on fears that this would prompt retaliatory attacks by Iran-affiliated groups on those Gulf states’ own oil infrastructure. “The Iranians have stated: 'If the Gulf states open up their airspace to Israel,…