Irma passed over islands in the Caribbean and barreled toward Puerto Rico with Florida in its sights as the Category 5 hurricane threatens to become the most expensive storm in U.S. history.
Irma swept over Barbuda and Antigua on a path that should pass near or just north of Puerto Rico later Wednesday, the U.S. National Hurricane Center said, with a potential landfall in Florida this weekend. Barclays Plc has estimated insured losses in a worst-case scenario from the storm at $130 billion.
Irma “is the kind of storm where you get thousands of lives lost,” said Chuck Watson, a Savannah, Georgia-based disaster modeler with Enki Research. “This is not going to be the big slow-motion flood like Harvey — this is a real, honest-to-God hurricane.”
Orange juice futures extended gains, reaching the highest since May 8, as the storm threatened the largest supplier after Brazil. Cotton prices also climbed on potential