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

By 1211 GMT, Brent crude futures had risen by $1.52, or 2.06%, to $75.42 per barrel, while U.S. West Texas Intermediate crude futures climbed $1.58, or 2.25%, to $71.68.

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.