SINGAPORE — Oil prices rose to near $40 a barrel today in Asia, jumping for a second trading day as the conflict between Israel and Gaza raised tensions.

Light, sweet crude for February delivery rose $1.99 to $39.70 a barrel in electronic trading on the New York Mercantile Exchange by late afternoon in Singapore. The contract on Friday rose $2.36 to settle at $37.71.

Israel expanded its deadliest-ever air offensive against Gaza's Hamas rulers Sunday and prepared for a possible ground invasion. Arab leaders protested the attacks and Syria broke off indirect peace talks with the Jewish state.

With the death toll nearing 300, Hamas fired rockets deeper than ever into Israel.