Oil prices up 3pc

NEW YORK: Oil prices climbed about 3% to a one-week high on Friday on worries that tensions in Israel and Gaza could spread into a wider conflict that could disrupt global crude supplies.

Brent futures rose $2.55, or 2.9%, to settle at $90.48 a barrel, while US West Texas Intermediate (WTI) crude rose $2.33, or 2.8%, to settle at $85.54.

Brent’s premium over WTI rose to its highest since March, making it more attractive for energy firms to send ships to the US to pick up crude for export. For the week, Brent was down about 2% and WTI down about 4%.

Trading was choppy. Early in the session, oil prices soared by more than $2 a barrel after the U.S military struck Iranian targets in Syria. Then prices briefly turned negative as markets digested various reports on mediation talks between the Hamas group and Israel led by Qatar in coordination with the US.