The prices of oil futures surged on Thursday as tensions in the Middle East escalated, with worries over the supply of crude growing. Earlier, Israel announced that it had reached the center of northern Gaza and is currently carrying out its ground operations there. Meanwhile, the demand for oil could have been boosted due to both the United States Federal Reserve and the Bank of England deciding to maintain their key interest rates, with traders seemingly hoping that the tightening cycle has come to an end despite Fed Chair Jerome Powell’s warnings. West Texas Intermediate (WTI) for deliveries in December jumped 2.56% at 1:22 pm ET and went for $82.55 per barrel. At 1:24 pm ET, Brent for January 2024 settlements surged 2.54% to sell for $86.83 per barrel.