Oil prices rise 4pc

Business Recorder reported that oil prices finished Thursday's session 4 percent higher as renewed worries over the Middle East war and a hurricane nearing the US Gulf Coast lifted crude. Brent futures ended USD4.08 higher, a rise of 4.1 percent, at USD104.28 a barrel, and US West Texas Intermediate gained 3.6 percent to USD91.49. At one point both contracts were more than USD5 a barrel higher, and Brent reached its strongest level since September 29.

Gains moderated once President Donald Trump stated that Washington held productive talks with Iran and would hold off on attacks until after the November 3 midterm elections. Iran's Tasnim news agency quoted Foreign Minister Abbas Araqchi as saying Tehran is studying a US reply to its offer, which seeks to reopen the Strait of Hormuz in seven days, and promised an answer within days. Separately, Washington announced new sanctions targeting people, networks and 17 vessels that carry Iranian crude, oil products and petrochemicals.

Supply worries were compounded by Hurricane Isaias, which is expected to make landfall on Friday. Producers in the Gulf of Mexico have idled 62.9 percent of current oil output, equal to 1.3 million barrels per day, as of Thursday, data from the US Marine Minerals Administration showed. On Wednesday, Shell and Chevron scaled back Gulf offshore operations, while BP shut production at two platforms.