Crude oil futures ended sharply higher with gains of over three and half percent on Thursday as worries about escalating tensions in the Middle East outweighed uncertainty about the outlook for demand. Possible supply disruptions due to the impact of Hurricane Milton contributed as well to the rise in oil prices. Besides, investors hoped the Chinese government will announce further stimulus to revive economic growth.
Benchmark crude oil futures for November delivery rose $2.61 or about 3.56 percent to settle at $75.85 a barrel on the New York Mercantile Exchange. Brent crude for December delivery surged by $2.82 or about 3.68 percent to settle at $79.40 a barrel on London's Intercontinental Exchange.