Oil prices have risen by more than 1% due to concerns over escalating tensions between Israel and Iran.

Oil prices witnessed a jump exceeding 1% during trading on Wednesday, May 21, following media reports revealing Israel's readiness to carry out a possible strike against Iranian nuclear facilities, sparking fears of new tensions in the Middle East, the main source of global oil supplies.

According to data, Brent crude futures rose by 1.6%, reaching $66.42 per barrel, while WTI crude futures jumped by 1.7% to $63.21 per barrel.

An American media outlet quoted informed officials confirming that recent intelligence indicates Israel is considering plans to strike Iranian nuclear facilities, noting that a final decision has not been made yet.

These developments led to a sudden increase in oil futures, with the U.S. crude price jumping by over two dollars per barrel, while Brent crude recorded gains exceeding one dollar, amid growing concerns of a potential disruption to global oil flows in case of escalating crisis.