Oil Prices Surge On Fears Of US-Iran Escalation, US Hurricane Threat

Oil prices surged nearly 4 percent on Thursday amid heightened concerns of U.S.-Iran war escalation.

Brent crude prices were up 4.1 percent at $104.32 a barrel, reversing losses from the previous session after reports suggested that the White House asked Pentagon to develop options to strike Iran before the midterm elections, but no final decision has been made.

WTI crude futures soared 4 percent to $91.83 a barrel amid the threat of a hurricane off the U.S. coast. Tropical Storm Isaias is expected to reach the U.S, Gulf Coast late Friday as a hurricane.