Crude oil futures ended sharply higher on Friday on rising concerns about the potential impact of the ongoing Israel - Hamas war on global crude supplies. Israel's military called for all civilians of Gaza City, more than 1 million people, to relocate south within 24 hours. The Israeli military said it would operate significantly in Gaza City in the coming days and civilians would only be able to return when another announcement was made. Further, the United States' decision to tighten sanctions against Russian crude exports has also raised supply concerns. The U.S. Treasury Department said that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap of $60 a barrel.
Benchmark crude oil futures for November delivery rose $4.78 or about 5.8 percent to settle at $87.69 a barrel on the New York Mercantile Exchange. Brent crude for December delivery surged $4.89 or about 5.7 percent to settle at $90.89 a barrel on London's Intercontinental Exchange.