Brent saw its biggest weekly increase since February as oil prices soared by nearly 6% on Friday as investors factored in the likelihood that the Middle East crisis could worsen as a result of Israel starting ground incursions within the Gaza Strip.

Brent futures advanced by 5.7%, at $90.89 per barrel meanwhile US WTI crude added 5.8% to $87.69 per barrel.

A week after the terrorist Palestinian group's murderous assault in southern Israel, Israel announced a change from an air war to ground operations to ferret out Hamas fighters.

Israel is not a major producer of oil or gas; therefore, the Middle East conflict hasn't had much of an influence on the world's resources. However, investors and market watchers are analysing how it can worsen and what it might entail for supplies from neighbouring nations in the region that produces the most oil globally.

Two sources with knowledge of Riyadh's thinking stated that Saudi Arabia is postponing U.S.-backed plans to improve relations with Israel, signalling a swift reconsideration of its foreign policy priorities as the war worsens.

The White House was informed by Saudi Arabia that it was prepared to increase oil output early in 2019 to assist secure the agreement, according to a Wall Street Journal report published last week. This might have ramifications for supply.

In an effort to fill gaps in the system set up to penalize Moscow for its invasion of Ukraine, the U.S. decision to apply the first sanctions on owners of tankers transporting Russian oil priced higher than the Group of Seven price cap of $60 per barrel also helped to drive up prices.