Crude oil futures sell off, insurance stocks at risk amid hurricanes

Published

12 months ago

October 9, 2024

Multiple hurricanes hitting the U.S. have sent shockwaves through the stock market.

Oil prices surged to nearly $81 per barrel amid growing concerns about supply disruptions due to escalating tensions in the Middle East and the aftermath of Hurricane Milton.

Israel’s possible strikes on Iranian oil facilities, along with Gulf of Mexico supply issues, have contributed to market volatility.

While prices have since cooled, the global oil market remains highly sensitive to geopolitical developments.

With oil prices up nearly 20% from September lows, market watchers are closely following the potential impacts on global growth and energy security.

As people prepare to weather Hurricane Milton, investors are also forecasting what the damage will be to the economy and markets.

For more, we’re joined by Greg Halter, the Director of Research at Carnegie Investment Counsel.

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