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.

Shares of energy giants, including ExxonMobil and Chevron, are extending gains in premarket trading Wednesday as worries of a broader Middle East conflict lift oil prices.

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.

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.

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

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

All three major indexes fell, led by the Dow industrials, which dropped 0.4%. Investors weighed the risk of escalating conflict in the Middle East against signs that the U.S. economy is ticking along.

Global stocks fell on Thursday, weighed by tepid trading in equity markets across the U.S. and other major regions, while oil prices jumped, buoyed by rising geopolitical tension from the Middle East conflict.

Markets in the U.S. kept sliding from their record highs, closing down Thursday on continued worries that escalating tensions in the Middle East could impact the global energy supply. Europe, too, was down for the same reasons,

Indexes fell Thursday on rising risks to oil supplies amid escalating Middle East tensions and as traders braced for Friday's labor market update.