Geopolitical tensions drive oil prices higher amidst Middle East conflict

Oil prices jumped over 2% as fighting intensified in the Middle East, with the Israeli army expanding its ground operations in Gaza. Concerns of a broader conflict grew after the US struck Iran-backed facilities in Syria, with Iran's involvement being a key focus for the crude market. Despite the rise, oil was still down around 3% for the week due to demand concerns and indications that the fighting could stay contained.