Global Markets: Oil gains after Iran tensions, stocks at seven-week highs

NEW YORK (Reuters) - Oil futures rose about 1% on Friday, with U.S. crude up 10% and global benchmark Brent gaining 5% in the week, on fears the United States could attack Iran and disrupt flows from the Middle East, which provides more than a fifth of the world's oil output.

U.S. gasoline futures, meanwhile, jumped 4% following a massive fire at Philadelphia Energy Solutions' refinery in Philadelphia, the largest on the U.S. East Coast.

"The heightening of tensions between the United States and Iran has evolved as primary price motivator in spiking oil values," Jim Ritterbusch of Ritterbusch and Associates said in a note.