Oil Prices Stabilize After Initial Surge On Reports Of Mideast Tensions

Oil steadied on Friday after prices spiked earlier on reports that Israel had attacked Iran, as market fears of a major escalation to hostilities in the Mideast appeared to ease and a build-up of global oil stocks weighed.

The benchmark contracts surged more than $3 before



dipping back down. Brent futures were up 14 cents, or 0.2 percent at 87 dollar 25 cent per barrel. U.S. West Texas Intermediate contract climbed 23 cents, or 0.3 percent to 82 dollar and 96 cent per barrel, when reports last came in.