Oil prices increased more than 1% on Wednesday, May 21, 2025, after reports Israel is preparing a strike on Iranian nuclear facilities.
This raised fears that a conflict could upset supply availability in the key Middle East producing region.
Brent futures for July rose 97 cents, or 1.5%, to $66.35 a barrel by 0330 GMT, while U.S. West Texas Intermediate crude futures for July climbed 96 cents, or 1.6%, to $62.99.
The June WTI contract expired on Tuesday at $62.56.
New intelligence obtained by the United States suggests that Israel is preparing to strike Iranian nuclear facilities, Reuters reported.
Stock market records N20bn gain
It was not clear whether Israeli leaders have made a final decision.
“Such an escalation would not only put Iranian supply at risk, but also in large parts of the broader region,” said ING commodities strategists on Wednesday.
Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC) and an Israeli attack could upset flows from the country.
There are also concerns Iran could retaliate by blocking oil tanker flows through the Strait of Hormuz choke point in the Gulf, through which Saudi Arabia, Kuwait, Iraq, and the United Arab Emirates export crude oil and fuel.
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