Brent futures rose by $4.89 (5.7%) to reach $90.89 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by $4.78 (5.8%) to $87.69 per barrel, marking their most significant daily gains since April. Brent also saw a weekly rise of 7.5%, its largest since February, and WTI climbed 5.9% for the week.
Despite the Middle East conflict, global oil and gas supplies remain relatively unaffected since Israel isn't a major producer. However, market observers are monitoring the situation for potential regional supply impacts.
Residents in Gaza evacuated their homes after Israel ordered over a million people to leave the northern half of the territory within 24 hours, with Hamas advising against leaving.
Iran's Oil Minister, Javad Owji, predicted oil prices reaching $100 per barrel due to the Middle East situation.
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