US hurricane and Iran fallout drive global oil price

The global prices of crude oil have risen the most in a week, as Hurricane Florence threatened US east coast petrol supplies and as sanctions began crimping Iranian oil exports.

Futures in New York climbed 1.5%, as east coast motorists may see “dramatic” spikes in gasoline prices, according to a motoring organisation, and as mass evacuations stretch supplies and Florence’s heavy rains imperil major fuel pipelines.