SA: Oil prices rise as investors fear wider war with Israel's advance into Gaza

SEEKING ALPHA writes:

Energy stocks enjoyed their best week since June, with the S&P 500 Energy Index +4.5%, as oil prices surged ahead of Israel’s imminent advance into Gaza that could cause violence to spill over into other parts of the Middle East, potentially causing disruptions to oil production and shipments.

Saudi Arabia reportedly has paused its efforts to normalize relations with Israel, as protests against Israel’s expected action in Gaza spread across the Middle East.

A less publicized factor also affected oil prices: The Biden administration for the first time began enforcing Russian oil sanctions announced last year, penalizing two tankers for carrying Russian crude oil above the West’s $60/bbl price cap…

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