Brent futures rose $4.28 to $90.28 per barrel
NEW YORK - Oil prices leapt 5% on Friday, with Brent on track for its highest weekly gain since February, as investors priced in the possibility that the conflict in the Middle East could widen as Israel began grounds raids inside the Gaza Strip.
Brent was set for a weekly gain of 6.8%, its biggest such increase since February. WTI was set to climb about 5.2% for the week, after both surged on Monday. Iran's Foreign Minister Hossein Amirabdollahian on Friday discussed the Israeli conflict with Hamas with the head of the powerful Tehran-backed Lebanese armed group Hezbollah, which has launched its own cross-border attacks on Israel.
Saudi Arabia is putting U.S.-backed plans to normalise ties with Israel on ice, two sources familiar with Riyadh's thinking said, signalling a rapid rethinking of its foreign policy priorities as war escalates between Israel and Hamas. read more Russia is the world's second-largest oil producer and a major exporter and the tighter U.S. scrutiny of its shipments could curtail supply.
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