Oil prices were on track for weekly gains of 9% as investors feared a wider Middle East conflict could disrupt crude flows after President Joe Biden said the United States was discussing an Israeli attack on Iranian oil facilities.

Wall Street has taken notice — share prices for companies in oil, gas, and drilling have moved higher with crude prices. The S&P 500 has dropped nearly one percent in that stretch. The energy sector within that index has rallied nearly 7 percent.

Growing concerns of a retaliation by Israel affecting Iran's oil production pushed crude oil futures more than 5% higher Thursday, powering gains for oil-related stocks.