U.S. oil prices moved up to just below $75 per barrel on Friday, nearing an August high, as tensions in the Middle East continue to escalate. Iran's oil facilities are among Israel's possible targets as it considers a response to Tuesday's missile barrage.

Oil prices surged and major stock markets mostly retreated Thursday as investors reacted to fears of widening conflict in the Middle East.

Brent crude futures were up $1.09, or 1.4 Percent , at $78.71 a barrel, as of 1120 GMT. U.S. West Texas Intermediate crude futures were up $1.08, also 1.5 Percent , at $74.79 a barrel.

Brent crude futures were up 55 cents, or 0.7%, at $78.17 a barrel, as of 0831 GMT. US West Texas Intermediate crude futures were up 50 cents, also 0.7%, at $74.21 a barrel.

Oil prices edged up on Wednesday on worries that the escalating conflict in the Middle East could threaten oil supplies from the world's top producing region, but a large build in U.S. crude inventories limited gains.

Intensifying tensions between Iran and Israel that threatens oil inventory in Iran; Houthi rebel attacks in the Red Sea that could limit oil supply and deliveries; Since markets a

Oil prices were on track for weekly gains of 9% as investors feared a wider Middle East conflict could disrupt crude flows after President Joe Biden said the United States was discussing an Israeli attack on Iranian oil facilities.

Crude prices jumped on worries about worsening tensions in the Middle East, while U.S. stocks pulled back further from their records