Oil futures prices rose during trading today, Friday, to their highest levels since last October, following Israel's announcement of preparedness for an imminent attack from Iran, which could threaten severe disruptions in oil supplies from the Middle East, which produces about a third of the world's output to foreign markets.

Bloomberg news agency pointed out today, Friday, that the potential Iranian attack expected within 48 hours would represent a dangerous escalation of the current round of conflict that began with the attack by armed Palestinian factions on Israeli settlements and bases in the Gaza envelope on October 7, and the all-out war that Israel has been waging against the Gaza Strip since then.

The price of Brent crude, the benchmark for global oil, rose by 2.7% to around $92 per barrel, its highest level since the early days of the Gaza war. The price of West Texas Intermediate crude, the benchmark for U.S. oil, increased by 3.1% to more than $87 per barrel.

Israel expects an attack using drones or long-range missiles against government targets inside Israel, either directly from Iran or from allied armed organizations in the region, according to sources familiar with Western intelligence assessments.

The sources indicated that this step has not yet received approval from senior levels in Iran, while the United States has moved additional military assets to the region.

For her part, Rebecca Babin, senior energy trader at CIBC Private Wealth Management, said that Iran's involvement in a direct conflict with Israel would add further difficulties regarding any potential disruption in oil supplies from the region, prompting many traders to continue purchasing oil futures contracts.

This comes as oil prices have risen by nearly 19% since the beginning of this year due to the conflict in the Middle East and demand exceeding expectations.

By 11:10 AM New York time, the price of West Texas Intermediate crude rose by 2.7% to $87.28 per barrel for May delivery. The price of Brent crude increased by 2.4% to $91.85 per barrel for June delivery.