# Oil surges nearly 6% after Israel begins ground raids into Gaza | Reuters

> Oil prices jumped nearly 6% on Friday, with Brent posting its highest weekly gain since February. Investors priced in the risk that the Middle East conflict could widen as Israel began ground raids into Gaza.

- Date: 2023-10-13 · published 2023-10-13T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/9276-oil-surges-nearly-6-after-israel-begins-ground-raids-into-gaza-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Fears of disruption to the Middle East, a region supplying roughly a third of global oil, lift crude prices. Higher crude raises diesel and energy costs for feed mills, transport and grain drying.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-10-13 | 1 | +6.7% | 3.7 | Oil jumped nearly 6% on Oct 13 as Israel began ground raids into Gaza, raising the risk of a wider Middle East conflict and a supply risk premium, which directly matches the one-day move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-06-13 | [Oil prices surge after Israel's strike on Iran \| CBC News](https://feedsoft.ai/events/10997-oil-prices-surge-after-israel-s-strike-on-iran-cbc-news.md) | +12.0% | -0.8% |
| BRENT | 2026-03-09 | [Instant View: Oil surges 20% as Iran war fuels supply fears \| Reuters](https://feedsoft.ai/events/5573-instant-view-oil-surges-20-as-iran-war-fuels-supply-fears-reuters.md) | +9.5% | +25.6% |
| BRENT | 2025-10-22 | [Oil surges 5% after US sanctions Russian firms Rosneft, Lukoil \| Reuters](https://feedsoft.ai/events/8126-oil-surges-5-after-us-sanctions-russian-firms-rosneft-lukoil-reuters.md) | +5.0% | +6.1% |
| BRENT | 2025-06-13 | [Oil prices surge after Israel launches airstrikes against Iran](https://feedsoft.ai/events/10992-oil-prices-surge-after-israel-launches-airstrikes-against-iran.md) | +12.0% | -0.8% |
| BRENT | 2026-03-25 | [Oil settles up nearly 6% as investors fear further Middle East escalation \| Reuters](https://feedsoft.ai/events/20343-oil-settles-up-nearly-6-as-investors-fear-further-middle-east-escalation-reuters.md) | +15.0% | +1.0% |
| WTI | 2025-06-13 | [Oil prices surge after Israel's strike on Iran \| CBC News](https://feedsoft.ai/events/10997-oil-prices-surge-after-israel-s-strike-on-iran-cbc-news.md) | +10.2% | +1.1% |
| WTI | 2026-03-09 | [Instant View: Oil surges 20% as Iran war fuels supply fears \| Reuters](https://feedsoft.ai/events/5573-instant-view-oil-surges-20-as-iran-war-fuels-supply-fears-reuters.md) | +8.5% | +25.0% |
| WTI | 2025-10-22 | [Oil surges 5% after US sanctions Russian firms Rosneft, Lukoil \| Reuters](https://feedsoft.ai/events/8126-oil-surges-5-after-us-sanctions-russian-firms-rosneft-lukoil-reuters.md) | +4.0% | +4.9% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-climbs-us-sanctions-stockpile-forecasts-raise-supply-concerns-2023-10-13/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.