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.

Speaking to the media in Israel for the first time in five months, the Israeli prime minister denied reports of friction with the U.S.

A US media outlet reports that Israel may be poised to strike Iran’s nuclear sites and oil markets wince. In Washington, a Republican administration wonders if Tehran is more determined or deterred.

Israeli leaders say the system isn’t 100% guaranteed, but credit it with preventing serious damage and countless casualties.

The comments by Iranian Foreign Minister Abbas Araghchi come after multiple rounds of talks between the two nations.

Earlier, the commodity gained 3.5%. Brent on ICE for July is priced at $66.42 a barrel, after an increase of 1.59%.

Ambassador Huckabee stresses in a special interview with Arutz Sheva that Iran won't get nuclear weapons, affirms Israel's right to self-defense.