Crude oil jumps as Israel prepares for likely Gaza ground invasion

Crude oil prices are surging early Friday, as an Israel ground invasion of Gaza looks imminent after its military issued a warning for more than 1M Gaza residents to evacuate.

Also, Iran’s Foreign Minister hinted that Iran-backed Hezbollah militants could open up another front in the war if Israel attacks.

The evacuation order comes nearly a week after Hamas launched an unprecedented attack on Israel, in a conflict has left more 2,800 people dead on both sides.

U.S. WTI crude oil (CL1:COM) for November delivery +3.8% to $86.08/bbl and December Brent crude (CO1:COM) +3.6% to $89.13/bbl, pulling back slightly after rising as much as 4%.

ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI)

Oil prices had been dropping this week after an initial surge following the Hamas attack, retreating further on Thursday after a U.S. government report showed a 10.2M-barrel weekly rise in domestic crude inventories, with U.S. oil production hitting an all-time weekly record.