Hurricane drives oil prices higher

NEW YORK — Hurricane Ivan held its grip on oil markets Tuesday, as shutdowns of production platforms in the Gulf of Mexico and fears of storm damage drove crude and gasoline prices higher.

Crude oil futures for October delivery were up 68 cents at $44.55 in midday trading Tuesday on the New York Mercantile Exchange. Crude has been trading in the $40-$45 range since hitting an all-time high of $48.70 on Aug. 19.

Ivan was a Category 4 hurricane at late morning as it headed into the Gulf of Mexico, down from Category 5 strength earlier. A hurricane watch was posted for a 420-mile-long swath from the Florida Panhandle to New Orleans.

Jan Stuart, head of energy research at Fimat USA, a brokerage unit of Societe Generale, said Ivan’s approach has affected producers, noting that Shell began pulling workers off its platforms on Sunday. BP and others began to follow suit Monday.