NEW YORK (Reuters) -Oil prices climbed on Wednesday on worries that the escalating conflict in the Middle East could threaten oil supplies from the world's top producing region, but a large build in U.S. crude inventories limited gains.

Oil futures booked solid weekly gains, boosted by the Federal Reserve’s large interest-rate cut and a renewed rise in tensions in the Middle East.

Oil prices settled lower on Friday but recorded a second straight week of gains, garnering support from a U.S. interest rate cut and a dip in U.S. supply. Brent futures settled down 39 cents, or 0.52%,

Crude prices surged past $70 this week, driven by a Federal Reserve rate cut and a decrease in US oil supplies.