Overview

• 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.