WASHINGTON (dpa-AFX) - Oil extended gains from the previous session on Friday after Israeli intelligence suggested Iran is preparing to attack Israel from Iraqi territory in the coming days.
Benchmark Brent crude futures surged 2.7 percent to $74.73 a barrel in European trade, while WTI crude futures were up 3 percent at $71.30.
Axios reported, citing two Israeli sources that Tehran is planning a strike on Israel from Iraqi territory possibly ahead of the U.S. election on Nov. 5, in response to Israel's strike against Iran on Oct. 26.
It is feared that any attack by Iran could trigger a wider conflict that might disrupt crude supply from the Middle East.
Meanwhile, Israel pounded Beirut's southern suburbs with a series of powerful airstrikes early today after issuing evacuation orders to residents.
Also helping push oil prices higher was the release of some positive Chinese data.
China's manufacturing activity returned to growth in October as companies ramped up production and purchasing to meet higher demand amid improving confidence, survey results from S&P Global showed today.
The Caixin manufacturing Purchasing Managers' Index rose to 50.3 in October from 49.3 in September.
Separate data revealed that China's residential property sales rose in October, marking the first on-year increase of 2024.
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