Oil swung on a CNN report that Israel is preparing to potentially strike Iranian nuclear facilities, while traders assessed data showing an increase in US crude stockpiles.Most Read from BloombergCan Frank Gehry’s ‘Grand LA’ Make Downtown Feel Like a Neighborhood?

Oil prices gained more than 1% on Wednesday after reports of Israel preparing a strike on Iranian nuclear facilities raised fears that a conflict could upset supply availability in the key Middle East producing region.

Shares rose in Asia on Wednesday while oil prices jumped more than $1.20 a barrel following a report that Israel may be planning an attack on Iranian nuclear facilities. Oil prices surged after a CNN report cited unnamed intelligence officials saying Israel may be preparing for an attack on Iranian nuclear facilities.