Crude oil futures ended higher on Friday, magnifying their recent sessions' gains after escalating Middle East tensions contributed to a significant rise in crude-oil benchmark prices over the past week. Meanwhile, the Brent crude price continued to rise on Friday, settling above the $82-a-barrel threshold after advancing over 6% over the past five trading sessions as Israel launched new air strikes in Gaza while rejecting a Hamas offer for a cease-fire in the region and return of hostages held in Gaza.
Benchmark crude oil futures for March delivery surged $0.62 or about 0.8% to settle at $76.84 a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose $0.56 or about 0.7% to $82.19 per barrel on London's Intercontinental Exchange.