Reports of a U.S. military attack on Iranian targets in Syria have caused concerns about a potential escalation of conflict in the Middle East and the impact it could have on global oil supplies.
As a result, oil prices surged on Friday, rising more than $2 a barrel. Brent crude futures for December climbed 2.3% to $89.96 a barrel, while the U.S. West Texas Intermediate contract for December rose 2.3% to $85.1 a barrel.
Although the conflict in Gaza has not yet directly affected oil supplies, the fear is that it may spread and disrupt exports from major crude producers and Hamas-backer Iran.
In addition, projectiles hit two Egyptian Red Sea towns on Friday, injuring several people and highlighting the risk of regional spillover from the conflict.