India, May 21 -- Oil prices rose sharply on Wednesday amid fears that escalating geopolitical tensions may put supply at risk in the key Middle East producing region.
Benchmark Brent crude futures rallied 1.5 percent to $66.39 a barrel in European trading while WTI crude futures were up 1.6 percent at $62.99.
Middle East supply fears returned to the fore after reports emerged that Israel is preparing a strike on Iranian nuclear facilities, a development that might disrupt oil supplies.
CNN reported, citing U.S. officials that Israel may be in the process of preparing a strike on Iranian nuclear sites. However, the final decision by Israeli leaders remains unknown.
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