Oil Prices Under Pressure Despite Major Upside Risk

Oil markets have been on edge all week, dealing with rumors of an imminent Israeli attack on Iranian oil infrastructure and the potential of a major hurricane-related outage in the U.S. Ultimately, Israel's attack failed to materialize and Hurricane Milton's impact on U.S. oil output was limited. Friday, October 11th, 2024Oil markets were anticipating an Israeli retaliatory strike on Iran all week and as time progressed and nothing happened, some of that disappointment nudged Brent futures lower, settling this week just below the $79…