Oil prices spiked by nearly 6% as Israel initiated ground raids in Gaza, marking the most significant weekly gain for Brent since February. Brent futures closed at $90.89 per barrel, and U.S. West Texas Intermediate crude reached $87.69 per barrel, both experiencing their most substantial daily percentage increases since April. The market reacted to concerns about the Middle East conflict potentially impacting oil supplies in the region. Iran's Oil Minister suggested prices could reach $100 per barrel due to the situation. Saudi Arabia postponed plans to normalize ties with Israel, and U.S. sanctions on Russian oil tankers may impact global supply. OPEC maintained its demand growth forecast.

Original Article: Oil surges nearly 6% after Israel begins ground raids into Gaza