Oil Prices Rise Amid Potential Israeli Attack on Iran
(MENAFN) Crude oil values saw an uptick on Wednesday as worries intensified about potential disruptions in global supply.
This was triggered by news reports indicating that Israel may be preparing for a possible attack on Iranian nuclear installations.
These developments have sparked fears in the energy market, contributing to the surge in oil prices.
The global oil standard, Brent crude, experienced a climb of roughly 0.67 percent, reaching USD65.55 per barrel at 10:23 a.m. local time (0723 GMT), rising from USD65.11 at the end of the previous trading session.
In a similar trend, the US benchmark, West Texas Intermediate (WTI), advanced by nearly 0.75 percent, trading at USD62.64 per barrel compared to USD62.17 the day before.
On Tuesday, a news agency disclosed that new intelligence obtained by the United States indicates that Israel is preparing to attack Iranian nuclear facilities, despite ongoing diplomatic discussions between Washington and Tehran concerning Iran's nuclear ambitions.
According to multiple individuals familiar with the situation, the intelligence includes "intercepted Israeli communications and observations of Israeli military movements," pointing to a potential imminent action.
Nevertheless, a source with insights into the Donald Trump administration's stance expressed skepticism that the US would endorse an Israeli military move against Iran’s nuclear infrastructure, except in the case of a provocation from Tehran.
Adding to the uncertainty, Iran's highest authority, Ayatollah Ali Khamenei, stated on Tuesday that he does not expect the current indirect nuclear talks between Iran and US to produce “any meaningful outcome,” further casting doubt on the potential for diplomatic resolution.
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