Oil jumped after a report that Iran could be preparing to attack Israel from Iraqi territory in the coming days, jolting the market’s attention back to a potential flare-up of Middle East hostilities.
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Brent surged as much as 2% to trade above $74 a barrel on Friday, while West Texas Intermediate rallied toward $71. Iran is planning a strike through militias it backs in Iraq, which is expected to be carried out with drones and ballistic missiles, Axios reported, citing two Israeli sources it didn’t name.