Oil prices rise on Middle East tensions


Oil prices rose Friday on concerns about supply in the wake of the latest burst of violence in the Middle East.
The price of a barrel of light, sweet crude oil for delivery in December rose $1.22 to $86.67 a barrel on the New York Mercantile Exchange.
In London, Brent futures, trading in the first day of the January contract, closed at $108.95 a barrel, up 94 cents on the Intercontinental Exchange.
Friday’s jump in oil prices reversed Thursday’s trading, which saw oil prices retreat due to uncertainty about global economic growth.
Given the tense situation in the Middle East, traders did not want to be caught before the weekend without sufficient orders for more oil in case the situation worsens, said John Kilduff, a trader at Again Capital.
On Friday, the Israeli army continued its aerial raids on Gaza and blocked major roadways to the Palestinian territory.
In the latest move, Palestinian combattants at Gaza aimed rockets in the direction of Jerusalem and Tel Aviv, pushing the Israelis to mobilize reservists and warn of an eventual ground offensive against the Palestinians.