Oil Prices Rise Over 1% Amid Reports of Possible Israeli Strike on Iran’s Nuclear Sites

Oil prices rose more than 1% on Wednesday after reports that Israel may be planning a strike on Iran’s nuclear facilities. This caused worries about possible disruptions to oil supplies from the Middle East, a key oil-producing region.

By early Wednesday, Brent crude futures for July delivery increased by 97 cents to $66.35 per barrel. U.S. West Texas Intermediate crude futures for July went up 96 cents to $62.99 per barrel. The June WTI contract expired on Tuesday at $62.56.

According to CNN, U.S. intelligence suggests Israel is preparing for a strike on Iranian nuclear sites. Multiple U.S. officials shared this information, but it is still unclear if Israeli leaders have made a final decision.

Any military action in the region could threaten oil supply not just from Iran but also from other parts of the Middle East. Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries. An attack could disrupt its oil exports and affect the global market.

The Middle East is a critical region for global oil supply. Conflicts there often cause oil prices to rise due to fears of shortages. Traders are buying oil futures as they watch the situation closely.

Iran’s nuclear program has long caused international concern. Western nations and Israel worry Iran could develop nuclear weapons. Tensions between Israel and Iran have increased in recent years, with accusations of hostile acts on both sides.

If Israel moves forward with an attack, oil prices may rise further amid concerns about supply disruptions. The exact impact will depend on how large and long any conflict might be. For now, the situation is uncertain and traders await official news from both countries.

Oil prices gained more than 1% on Wednesday after reports of a possible Israeli strike on Iran’s nuclear facilities. This raises concerns about supply in the Middle East and possible global impacts.