Crude oil futures surged 9% amid escalating Middle East tensions as Iran targets Israel, Biden discourages retaliation on oil assets.

Oil prices rose on Friday and settled with their biggest weekly gains in over a year on the mounting threat of a region-wide war in the Middle East, although gains were limited as U.S. President Joe Biden discouraged Israel from targeting Iranian oil facilities.

Oil was on pace to gain 9% in what would amount to its biggest weekly increase in more than a year over concerns that Israel could target Iran’s crude facilities in response to Tehran’s recent missile assault.