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U.S. crude oil on pace for 4% weekly gain after stock market rebound

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Texas crude oil has gained more than 4% for the week, while global benchmark Brent crude is higher by more than 3%.

The stock market rebound after Monday's sell-off and Middle East tensions have combined to lift oil prices this week.U.S. crude oil is on pace for a more than 4% gain for the week as stocks rebounded from Monday's sell-off and the risk of wider war in the Middle East that could disrupt production and transportation looms over the market.The S&P 500 jumped 2.

The U.S., Egypt and Qatar have demanded in a joint statement that Hamas and Israel return to the negotiating table to close a cease-fire deal in Gaza.

 

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