Oil price jumps as storm approaches Gulf of Mexico production hub

LONDON (Reuters) -Oil prices rose on Friday and were on track to post big gains for the week on worries about supply disruptions as energy companies began shutting production in the Gulf of Mexico ahead of a possible hurricane forecast to hit on the weekend.

Brent crude futures were $1.22, or 1.7%, higher at $72.29 a barrel at 1355 GMT. U.S. West Texas Intermediate (WTI) crude futures climbed $1.36, or 2%, to $68.78 a barrel.

For the week, Brent was on track for a rise of 11%, its biggest weekly jump since June 2020. WTI was headed for a weekly gain of more than 10%, also the strongest since June 2020.