Oil rises over 1% as Israeli threat to Iran nuclear sites stokes supply fears
Oil prices climbed more than 1% on Wednesday following reports that Israel is preparing to strike Iranian nuclear facilities, prompting concerns over a broader disruption to Middle East energy supplies.
Brent crude futures for July rose 68 cents to $66.06 a barrel by 0630 GMT, while US West Texas Intermediate crude for the same month increased by 70 cents to $62.73.
CNN reported Tuesday that US intelligence indicates Israel is preparing for potential strikes on Iranian nuclear infrastructure, citing multiple American officials. It remains unclear whether a final decision has been made.
"Such an escalation would not only put Iranian supply at risk, but also in large parts of the broader region," ING commodities strategists said Wednesday.
An Israeli attack could jeopardize output from Iran, the third-largest OPEC producer, and spark retaliation at the Strait of Hormuz, the vital shipping route for oil exports from several Persian Gulf states.










