Oil prices rise 1% after paring earlier gains on mixed Middle East reports
Oil prices pared earlier gains on Friday on mixed reports out of the Middle East but remained about 1% higher on worries that tensions in Israel and Gaza could spread into a wider conflict that could disrupt global oil supplies.
Brent futures rose 68 cents, or 0.8%, to $88.61 a barrel by 11:34 a.m. EDT (1534 GMT), while U.S. West Texas Intermediate (WTI) crude rose 68 cents, or 0.8%, to $83.89.
An official of the militant Hamas group conditioned the release of hostages in Gaza on a ceasefire in Israel’s bombardment of the Palestinian enclave, launched after a deadly Hamas rampage into southern Israel nearly three weeks ago.
