NY oil prices jump on fears of Israeli retaliation against Iran

International oil prices rebounded sharply as fears grew that Israel could launch retaliatory attacks on Iran.

On the New York Mercantile Exchange, West Texas Intermediate for December delivery rose $1.59 and 2.27% to settle at $71.78 a barrel.

Brent crude oil for December delivery, which is subject to international comparisons, closed at $76.05 a barrel, up $1.67 and 2.25% from the previous session.

West Texas Intermediate and Brent crude rose in three trading days, jumping 4.5% and 4.09% respectively this week.

New York oil prices registered their biggest weekly gain since the first week of the month, as geopolitical concerns in the Middle East, which had subsided on expectations of a resumption of talks on a cease-fire in Gaza soon, reared their heads.