Oil advanced as geopolitical tensions ratcheted higher in the Middle East, with prices poised to cap a second straight weekly gain.
West Texas Intermediate rose above $90 a barrel, climbing for a third day. The US is seeing stepped-up drone attacks in Iraq and Syria, the Pentagon said, while an American destroyer in the Red Sea intercepted cruise missiles fired toward Israel by Houthi rebels in Yemen. In addition, Israel is expected to launch a ground invasion of Gaza after massing troops on the border.
Oil has been pushed higher by the crisis in the Middle East, which was ignited by the Oct. 7 attack on Israel by Hamas, designated a terrorist group by the US and EU. There are concerns that the conflict will spread to other states including Iran, and could even potentially draw in the US, which has beefed up its local military presence. The region supplies about a third of the world’s crude.
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