Oil surges over 4% on concerns that Middle East conflict could widen | Reuters
Oil prices leapt nearly $4 on Friday, with Brent on track for its highest weekly gain since April, as investors worried the conflict in the Middle East could widen after Israel warned half of Gaza's population to move south.
Brent futures rose $3.97, or 4.6%, to $89.97 per barrel as of 12:46 p.m. EDT (1646 GMT). US West Texas Intermediate (WTI) crude gained $3.88, or 4.7%, to $86.79 a barrel, after earlier breaking the $4 barrier.
Brent was set for a weekly gain of 6.3%, its biggest such increase since April. WTI was set to climb about 4.8% for the week, after both surged on Monday.
Market participants worried about disruptions to Middle Eastern exports after the weekend attack by Hamas on Israel threatened a wider conflict.
The United Nations said Israel's military informed it late on Thursday that 1.1 million Palestinians in Gaza should relocate to the enclave's south within the next 24 hours, in what Palestinians fear could be a precursor to a planned Israeli ground offensive following a deadly Hamas militant attack.
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