WASHINGTON (dpa-AFX) - Oil prices were slightly higher on Thursday as speculation grew over a possible U.S. involvement in the Israel-Iran conflict.
Benchmark Brent crude futures edged up by 0.2 percent to $76.87 a barrel in European trade while WTI crude futures were up 0.4 percent at $73.76.
It is feared that a direct U.S. involvement in Israel's escalating air assault could trigger a wider regional conflict and impact the energy infrastructure in the West Asia region.
A U.S. attack on Iran would 'radically destabilize the entire situation,' warned Russia's deputy foreign minister.
Meanwhile, the conflict in the Middle East continued, with Iran targeting Soroka Medical Center, one of Israel's major hospitals, and populated civilian areas in a significant escalation in tensions.
The Israeli army said it had struck an 'inactive nuclear reactor' in Arak in Iran during overnight raids. It also targeted Islamic republic's Natanz nuclear site again.
The 39-km Strait of Hormuz that allows transport of one-sixth of global oil and one-third of world's Liquified Natural Gas is a critical chokepoint between the Arabian Gulf and the Gulf of Oman. This strait has so far been spared of any disruption.
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