Production concerns drive oil prices up to $77.78 per barrel

Oil prices rose more than one percent on Thursday, supported by higher fuel demand as a major storm swept through Florida and concerns about possible disruptions to Middle East supplies. By 13:30 GMT, Brent crude futures rose $1.2, or 1.6 percent, to $77.78 per barrel, while US West Texas Intermediate (WTI) crude futures rose $1.16, or 1.6 percent, to $74.40 per barrel. The United States, the world's largest oil producer and consumer, is facing another major storm, Hurricane Milton, which hit Florida, where supplies ran out at about a quarter of gas stations, helping support crude prices. Prices rose this month after Iran fired more than 200 rockets at Israel on October 1. Source: National Iraqi News Agency