Live Update 
From the Liveblog of
Wednesday, May 21, 2025
From the Liveblog of
Wednesday, May 21, 2025
Oil prices surge following report Israel prepping strike on Iran’s nuclear facilities
In this March 30, 2005, file photo, an Iranian security official in protective clothing walks through part of the Uranium Conversion Facility just outside the city of Isfahan, Iran. (AP Photo/Vahid Salemi, File)
Crude prices surge following a report that US intelligence suggested Israel is planning a strike on Iranian nuclear facilities, which would send geopolitical tensions into overdrive and fuel regional conflict fears.
While safe haven gold pushes almost two percent higher, the news from CNN appears to be having little detrimental effect on Asian equities in early trade, with most extending the previous day’s rally.
Both main crude contracts jump almost two percent after CNN reported multiple US officials as saying the government had received intelligence indicating Israel was preparing to target Iranian atomic facilities.
There are fears that such a sharp escalation could tip the Middle East into a war.
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