Oil Rises for Second Week Amid Israel-Hamas War Developments
- Biden comments on aid, Gaza assault delay spur drop on Friday
- Traders gauging conflict’s potential to spill over in Mideast
This article is for subscribers only.
Oil posted a second weekly gain as developments in the Middle East raised concerns that the conflict may spread, though US efforts to delay Israel’s invasion of Gaza caused prices to edge down on Friday.
After initially resisting a delay in what officials said would be a massive military operation to eradicate Hamas, Israel agreed under US pressure to hold off on its attack, Bloomberg reported, citing people familiar with the effort. Publicly, Israel has shifted its tone on plans for the operation in recent days, suggesting a more limited approach that may reduce civilian casualties. President Joe Biden said Friday that trucks carrying aid supplies will cross into Gaza within 24 to 48 hours.