Oil jumped to its highest price since October on news that Israel was preparing for a possible attack from Iran. This was reported by Bloomberg.
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The attack is expected will occur within the next 48 hours, which will mean a significant expansion of the conflict in the Middle East. World prices for Brent crude oil rose by 2.6% and exceeded $92 per barrel – a level that was last reached in the first days of the conflict in Israel that began with the Hamas attack on Israel in October.
According to According to people familiar with Western intelligence assessments, Israel expects a missile attack on government targets within days, both directly and from Iranian proxies. The moves have still not been approved by Tehran's top officials, these people say, as the US has moved more military assets to the region.
Oil prices have risen about 19% this year as conflict in the Middle East supports a market shaped by supply constraints and stronger-than-expected demand.
