Shares rose in Asia on Wednesday while oil prices jumped more than $1.20 a barrel following a report that Israel may be planning an attack on Iranian nuclear facilities. Oil prices surged after a CNN report cited unnamed intelligence officials saying Israel may be preparing for an attack on Iranian nuclear facilities.

Oil prices gained more than 1% on Wednesday after reports of Israel preparing a strike on Iranian nuclear facilities raised fears that a conflict could upset supply availability in the key Middle East producing region.

Crude oil prices rose Tuesday night, following a report that Israel is gearing up for a possible strike against Iran’s nuclear facilities.