Brent crude, the global oil benchmark, reached as high as $87.50 by 1:00 p.m. in New York, marking a peak not seen since the $92.45 reached on October 23. For the week, Brent was up 5%, the most since a 6.3% rally since the week that ended on February 2.
US crude, tied to the West Texas Intermediate (WTI) benchmark, hit a session high of $87.49 - the loftiest level since the $88.29 high on October 23. The WTI benchmark gained 5% on the week -, the most since a 6.3% rise during the week that ended on February 2.
"The likelihood that continued restricted Russian product exports could further tighten US petroleum supplies has suddenly forced recalculation of US [oil] balances across the rest of this month and possibly beyond," analyst Jim Ritterbusch said in a note issued earlier this week by his Ritterbusch and Associates company.
Analysts have warned that a direct Iranian involvement in the Gaza crisis could spark a region-wide conflict with plausible impact on oil supply.