Escalating Middle East tensions drove up oil prices on Friday, setting prices up for a solid gain for the week. Concerns that Israel is close to launching a ground invasion of Gaza, after its military ordered more than a million people in the territory to flee south, have raised the risk of disruptions to oil supplies in the Middle East region.
West Texas Intermediate crude for November delivery
climbed $3.02, or 3.6%, to $85.93 a barrel on the New York Mercantile Exchange. Prices for the front-month contract traded around 3.8% higher for the week, FactSet data show.
December Brent crude
the global benchmark, jumped $3.41, or 4%, to $89.41 a barrel on ICE Futures Europe, poised for a weekly rise of around 5.7%.
added 3.7% to $2.2443 a gallon, eyeing a weekly rise of more than 2%, while November heating oil
rose 4.1% to $3.17 a gallon, trading over 9% higher on the week.
Natural gas for November delivery
fell 3.7% to $3.22 per million British thermal units, contributing to a roughly 3.5% weekly decline.
Market drivers Oil prices rallied Friday “thanks to mounting geopolitical risks,” Lukman Otunuga, manager, market analysis at FXTM, told MarketWatch. …