On Friday, oil prices continued to rise and were expected to continue doing so for the next two weeks due to growing concerns that the Israel-Gaza war may expand to other parts of the Middle East and disrupt supply from one of the world's top producing regions.

Brent crude advanced by 1.1% to $93.35 per barrel, US WTI climbed 1.1% at $90.37 per barrel.

Both contracts are expected to record a second weekly rise as this week's explosion at a hospital in Gaza and the expected ground invasion by Israeli forces increased concerns that the Middle East crisis might escalate.

Both contracts are expected to record a second weekly rise as this week's explosion at a hospital in Gaza and the expected ground invasion by Israeli forces increased concerns that the Middle East crisis might escalate.

The fourth quarter gap is expected to increase after leading producers Saudi Arabia and Russia extended supply cutbacks through the end of the year and despite low stocks, particularly in the United States, supporting oil prices.