Oil Prices Climb Amid Reports of Imminent Iran Strike on Israel

Tensions in the Middle East drive oil prices up, despite overall weekly decline.

Brent crude rose to $74.53 a barrel, while U.S. West Texas Intermediate reached $71.02, following reports of Iran's planned retaliation against Israel.
Israeli intelligence suggests Iran may launch an attack from Iraq, escalating regional tensions.
The oil market's initial reaction reflects fears of potential disruptions to global oil supplies.
Despite the spike, oil prices are set to end the week lower due to previous declines driven by global oversupply concerns.
Upcoming decisions by OPEC+ on production levels and the U.S. presidential election could further influence oil market dynamics.