NEW YORK: Oil prices leapt 5 per cent 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 futures rose $4.28, or 5pc, to $90.28 per barrel as of 1:44pm EDT (1744 GMT). US West Texas Intermediate (WTI) crude gained $4.17, or 5.2pc, to $87.08 a barrel.

Brent was set for a weekly gain of 6.8pc, its biggest such increase since February. WTI was set to climb about 5.2pc for the week, after both surged on Monday.

The conflict in Gaza has had little impact on global oil and gas supplies and Israel is not a big producer.

Investors and market observers, however, are assessing how the conflict could escalate and what it might mean for supplies from nearby countries in the world’s top oil producing region.

Published in Dawn, October 14th, 2023