05:03 AM EDT, 10/11/2024 (MT Newswires) -- Crude oil prices retreated early Friday, but are set for a second straight weekly gain as investors contemplate Hurricane Milton's impact on the market and potential supply disruptions should Israel attack Iranian oil sites.

Brent crude lost 0.5% to US$78.97 per barrel and West Texas Intermediate crude fell 0.6% to US$75.42/b at last look.

Destruction from Hurricane Milton, which left millions without power as it crossed Florida, could dampen fuel consumption in some areas of the U.S., Reuters said in a Friday report.

"Investors are evaluating how hurricane damage might impact the U.S. economy and fuel demand," Reuters quoted Hiroyuki Kikukawa, president of Nissan Securities unit NS Trading, as saying.