Oil Prices Surge Over 4% on Middle East Tensions Between Israel and Gaza

Oil prices jumped over 4% on Friday due to escalating Middle East tensions between Israel and Gaza.

Israel ordering mass evacuations in Gaza raised concerns over potential disruptions to oil supplies.

WTI crude rose over 3.6% to $85.93 a barrel, set for a 3.8% weekly gain. Brent jumped 4% to $89.41, up 5.7% on the week.

Gasoline and heating oil futures also saw solid gains on geopolitical risks in the Middle East.

Though demand worries persist, tight supplies from Middle East tensions are supporting oil prices.