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Oil extends gain as deepening Mideast crisis puts market on edge

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Brent for December settlement rose 1% to $93.27 a barrel at 1 p.m. in Singapore.

Oil advanced as geopolitical tensions ratcheted higher in the Middle East, with prices poised for a second straight weekly gain.

Oil has been pushed higher by the crisis, which was ignited by the October 7 attack on Israel by Hamas, designated a terrorist group by the US and the European Union. There are concerns that the conflict will spread to other states including Iran, and could even potentially draw in the US, which has beefed up its local military presence substantially. The region supplies about a third of the world’s crude.

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