Oil prices rose on Thursday underpinned by a spike in fuel demand as a major storm barrelled into Florida and concerns about potential supply disruptions in the Middle East amid heightened tensions between Israel and major oil producer Iran.

However, prices on Monday were supported by the possibility of a widening Middle East conflict involving Iran, a key producer and member of the Organization of the Petroleum Exporting Countries (OPEC), after Israel increased its attacks on the militant groups Hezbollah and the Houthi that Iran backs.

Oil prices surged about 13% over an 11-day stretch ending on Monday. Prices fell markedly on Tuesday, however, as nearly a week passed without the onset of a widely anticipated Is