Crude oil futures ended sharply higher with gains of over two percent on Friday as tensions in the Middle East escalated with Israeli ground forces expanding operations in Gaza. With the war intensifying, it is feared tensions could spread into a wider conflict and disrupt global crude supplies. Further, crude oil prices rose after US airstrikes targeted Iranian targets in Syria. The attack by the US was in response to a flurry of recent rocket and drone assaults against American soldiers in Iraq and Syria.
Benchmark crude oil futures for December delivery rose $2.33 or 2.33 percent to settle at $85.54 a barrel on the New York Mercantile Exchange. Brent crude for December delivery surged $2.55 or 2.9 percent to settle at $90.48 a barrel on London's Intercontinental Exchange.