• Crude Oil is set to lock in over 8% of gains for this week on supply concerns amid the escalating conflict in the Middle East. 
• The Biden administration and Israel discuss possible strikes on Iranian Oil fields. 
• The US Dollar Index consolidates gains ahead of Nonfarm Payrolls data. 

Crude Oil heads into its fourth straight day of gains for this week, accumulating more than 8% price rise since its opening on Monday. With tensions not easing in Lebanon, more risk is being priced in after headlines emerged that Israel was seeking green light from the Biden administration to target Oil installations in Iran. Concerns about such an attack, which could disrupt supply, set the tone to come over the weekend and into next week, with a ceasefire deal looking further away than ever. 

The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is trading broadly flat this Friday after a steep four-day rally. The US Dollar Index has broken above 101.9,  the upper band of the September range in which it has been trading for over a month. The US Jobs report on Friday, which includes the key  Nonfarm Payrolls release as the main component, will decide where the DXY will close off this week.