Updated 6:07 p.m. EST

(Bloomberg) -- Hurricane Irma continued on a collision course with Miami after battering Puerto Rico and devastating a chain of small Caribbean islands, as the Category 5 storm threatens to become the most expensive in U.S. history.

The life-threatening storm is heading for a direct hit on Florida Sunday, according to the U.S. National Hurricane Center, which posted hurricane and storm surge watches for the peninsula and Florida Keys Thursday. That prospect has roiled markets for everything from orange juice to insurance and natural gas. Barclays Plc has estimated insured losses in a worst-case scenario from the storm at $130 billion.

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