Oil prices extended their gains for a second consecutive session.
At the close of regular trading, Brent crude futures rose by 61 cents, or 0.84%, to $73.16 per barrel. December Brent futures expired on Thursday, while the more actively traded January contract settled at $72.81. WTI futures gained 65 cents, or 0.95%, to $69.26.
Israeli intelligence suggests that Iran is preparing to launch an attack on Israel from Iraqi territory in the coming days, possibly before the U.S. presidential election on November 5, Axios reported Thursday, citing two unnamed Israeli sources.
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The attack is expected to be conducted from Iraq using a large number of drones and ballistic missiles, according to the Axios report. Launching the assault via Iran-backed militias in Iraq may be an attempt by Tehran to avoid a direct Israeli strike on strategic targets within Iran. This has renewed concerns that Israel may consider striking Iran again.
Iran, an OPEC member, produces approximately 3.2 million barrels per day, or about 3% of global output.
The week began with a significant sell-off, with Brent and WTI futures plummeting over 6% on Monday after Israel showed some restraint in its retaliatory strikes against Iran over the weekend.
The possibility that OPEC+ may delay a planned increase in oil production also provided support for prices on Thursday. A decision could be made next week, according to Reuters. OPEC+ is scheduled to meet on December 1 to discuss its next steps in policy.
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