"Escalating Israel-Hamas Conflict Sparks Oil Price Surge"

Oil prices surged as investors feared a wider war with Israel's advance into Gaza, which could potentially disrupt oil production and shipments in the Middle East. Saudi Arabia reportedly paused its efforts to normalize relations with Israel due to protests against Israel's expected action in Gaza. Additionally, the Biden administration began enforcing Russian oil sanctions, penalizing two tankers for carrying Russian crude oil above the West's price cap. Front-month Nymex crude for November delivery ended the week at $87.69/bbl, and December Brent crude closed at $90.89/bbl. Energy stocks had their best week since June, with the S&P 500 Energy Index rising 4.5%.