Oil Prices Spike as Israel-Hamas Conflict Threatens Supply

Oil prices surged nearly 6% on Friday as Israel vows to demolish Hamas and prepares move on Gaza.

Investors are assessing impact of Israel-Hamas conflict on global oil supply if it draws in other countries.

Conflict poses one of most significant geopolitical risks to oil markets since Russia's invasion of Ukraine.

If Iran found to be directly involved, could result in full enforcement of U.S. sanctions on its oil exports.

U.S. Secretary of State Blinken heads to Israel on Monday to talk about way forward after shuttle diplomacy.