Oil Prices Surge Above $64 on Reports Israel Plans Strike on Iranian Nuclear Sites

Oil prices surged following reports that Israel is preparing a potential strike on Iranian nuclear facilities, raising concerns about supply disruptions in the Middle East. West Texas Intermediate crude futures rose above $63 per barrel, with Brent crude also climbing, as investors feared that Iran might retaliate by closing the Strait of Hormuz, a vital route for oil exports from Gulf producers. U.S. crude inventories increased recently, partially tempering supply worries, while Kazakhstan's rising output defies OPEC+ pressure to cut production. The geopolitical tension sparked volatility beyond oil markets, causing energy stocks like ExxonMobil to gain sharply, while broader indices and cryptocurrencies such as Bitcoin and Ethereum declined due to heightened risk aversion. Uncertainty remains as Israeli leadership has not confirmed any final decision, and ongoing Iran-US negotiations could be further complicated, potentially impacting future oil supply and prices. This combination of geopolitical risk and market reactions underscores the fragile balance affecting global energy and financial markets.