Oil Prices See Uptick Amid Fears of Israeli Attacks on Iran
(MENAFN) Oil prices moved higher on Wednesday due to escalating fears of potential supply disruptions following reports that Israel may be gearing up to target Iran's nuclear sites.
Brent crude, the global benchmark, was up approximately 0.67%, trading at $65.55 per barrel as of 10:23 a.m. local time (0723 GMT), rising from $65.11 at the previous close.
Likewise, U.S. benchmark West Texas Intermediate (WTI) increased by around 0.75%, reaching $62.64 per barrel, compared to $62.17 at the end of the last session.
On Tuesday, a news agency disclosed that fresh intelligence obtained by the U.S. indicates Israel is laying the groundwork for a possible attack on Iran’s nuclear infrastructure, despite ongoing talks between Washington and Tehran over the nuclear issue.
Though Israeli leadership has not made a conclusive decision, “intercepted Israeli communications and observations of Israeli military movements” indicate that a strike may be imminent, the news agency reported, citing multiple sources with knowledge of the intelligence.
A source familiar with the previous U.S. administration’s stance noted that Washington is unlikely to endorse an Israeli strike on Iran unless provoked by Tehran.
Iran’s top leader, Ayatollah Ali Khamenei, stated Tuesday that he has no confidence the current indirect nuclear negotiations with the U.S. will yield “any meaningful outcome.”
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