Oil Prices Surge as Report Claims Israel Preparing Strike on Iranian Nuclear Sites
CNN report citing U.S. intelligence sparks fears of Middle East supply disruption, pushing Brent and WTI crude futures upward.
Watan-Oil prices jumped by more than one percent on Wednesday after a CNN report stated that Israel is preparing to launch a strike on Iranian nuclear facilities, raising concerns that the conflict could disrupt supplies from the oil-rich Middle East.
As of 00:03 GMT, Brent crude futures for July rose by 86 cents, or 1.32%, to $66.24 per barrel. U.S. West Texas Intermediate (WTI) crude futures for July climbed 90 cents, or 1.45%, to $62.93 per barrel.
CNN reported on Tuesday, citing informed U.S. officials, that new intelligence indicates Israel is preparing to strike Iran’s nuclear facilities.
According to the officials, it remains unclear whether Israeli leaders have made a final decision.
Following the report, U.S. crude futures rose by more than $2 per barrel, while Brent crude gained over $1.
