Oil posted a weekly gain as prospects for a cease-fire in the Israel-Hamas war faded and Israel prepared to attack southern Gaza, increasing crude's geopolitical risk premium.
Oil rallied as Israeli Prime Minister Benjamin Netanyahu's dismissal of a potential cease-fire in the Israel-Hamas war triggered algorithmic buying in markets.
Oil edged higher, rebounding from a three-week low, as traders weighed rising geopolitical risks against hawkish comments from Federal Reserve Chair Jerome Powell.