Oil Jumps $5 in Volatile Week as Risk of War Engulfs Middle East
- WTI snaps back near $87 a barrel after three days of declines
- Iran says a new front to Israel-Hamas conflict is possible
Oil posted its largest weekly gain in a month after Iran said a new front in the conflict between Israel and Hamas was possible. Traders also covered bearish bets ahead of a widely expected invasion of Gaza.
West Texas Intermediate climbed above $87 a barrel, cementing a $5 weekly gain after the onset of the Israel-Hamas war. On Monday, prices surged after news of Hamas’s surprise attack on Israel, but futures pared those gains in the next few sessions as traders saw no immediate risks to Middle Eastern crude supplies.