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.

Oil swung on a CNN report that Israel is preparing to potentially strike Iranian nuclear facilities, while traders assessed data showing an increase in US crude stockpiles.Most Read from BloombergCan Frank Gehry’s ‘Grand LA’ Make Downtown Feel Like a Neighborhood?

Oil prices surged this morning on media reports that Israel is planning a possible strike on Iranian nuclear facilities.