Oil rises 6% after Israel begins its ground raids on Gaza

Oil prices rose about 6% today, with both Brent and West Texas Intermediate crude recording their largest daily gain since April, and Brent crude recording a weekly gain of 7.5%, which is the largest increase since February, and West Texas Intermediate crude rose by 5.9% this week.

Israel announced that it had begun its ground raids on Gaza to eliminate Hamas fighters a week after the deadly attack it carried out, and Iranian Oil Minister Javad Oji said that oil prices are expected to reach $100 per barrel due to the current situation in the Middle East.

Brent crude futures rose by $4.89, or 5.7%, to $90.89 per barrel, and US West Texas Intermediate crude futures rose by $4.78, or 5.8%, to $87.69 per barrel.

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