Barbara Kollmeyer is based in Madrid, where she leads MarketWatch's pre-markets coverage of financial markets and writes the Need to Know column. She has worked in London and Los Angeles for MarketWatch previously. Follow her on Twitter @bkollmeyer.
Escalating Middle East tensions were driving up oil prices on Friday, amid rising fears that Israel is close to launching a ground invasion of Gaza after its military ordered more than a million people in the territory to flee south.
That represents nearly half the population of the territory, and such an evacuation would be not only impossible, but disastrous, said the U.N., whose people on the ground were also warned to leave the area. The fresh escalation has raised fears that Israel is about to embark on a ground invasion. Iran’s Foreign Minister Hossein Amirabdollahian indicated that Iran-backed Hezbollah militants in the area could open up another front if the continuing siege of Gaza and attacks by Israel continue, Bloomberg reported on Friday.
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