I'm Lydia Hu and this is the Fox Business Run Down.

Monday, October 7, 2024.

Energy prices are on the move. Volatility spikes as Americans face devastating hurricanes

domestically and conflict escalates in the Middle East.

So you can see a price spike of epic proportions,

but it's not going to all happen at once,

but make no mistake about it,

this is getting very serious on a multitude of levels.

Last week Iran launched the largest ever ballistic missile attack on Israel,

threatening to further destabilize a region at war. Israel is already battling Hamas in Gaza and

is now engaging with the Iranian-backed terror group Hezbollah. We know Israel has

promised to retaliate against Iran, as the conflict teeters on

escalation the geopolitics at play here will have global implications for the

supply of oil and the price of energy. Oil prices rose last week when President Biden suggested

Israel could target Iran's oil refineries in retaliation. Wall Street is

already pricing some of those fears into the market.

America is now the largest producer of oil in the world, producing more than 15% of the world's

oil in 2023, but a shock to any of the other world's top producers

could have ripple effects through the world economy, potentially giving Americans serious pain at the pump.

Concerns compounded by another hurricane headed for the East Coast.

Fox Weather upgraded Hurricane Milton to a category for the extreme weather threatening both Florida

and energy prices for the country. We'll start first with the volatility in the

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