U.S. oil futures gain nearly 6% for the week as Israel-Gaza war intensifies

Prices for U.S. benchmark oil futures settled nearly 6% higher on Friday, leading front-month prices to post a solid gain for the week. “Concerns that events in the Middle East could spiral out of control after Iran warned Israel of the consequences of a ground invasion [into Gaza] raising concerns that we might see disruptions in the Straits of Hormuz,” a key oil chokepoint, said Michael Hewson, chief market analyst at CMC Markets UK. November West Texas Intermediate crude
CLX23,
+5.55%
rose $4.78, or 5.8%, to settle at $87.69 a barrel on the New York Mercantile Exchange, the highest front-month contract finish since Oct. 3, according to Dow Jones Market Data. Prices rose 5.9% for the week.