Oil-price gains intensify on report of potential Iranian attack on Saudi Arabia

Oil futures climbed toward session highs on Tuesday after The Wall Street Journal reported that Saudi Arabia shared intelligence with the U.S. warning of a possible Iranian attack on targets in the kingdom. In response to the warning, Saudi Arabia, the U.S. and several other neighboring states raised alert levels for their military forces, the report said. Iran was poised to carry out attacks on Saudi Arabia, as well as Erbil, Iraq, to distract attention from domestic protests in the nation that began in September, the report said, citing Saudi officials. Oil prices added to earlier gains, as the news raised the prospect of disruptions to the oil market in the oil-rich Middle East. January Brent crude BRNF23, +2.09% rose $1.92, or 2.1%, to $94.73 barrel on ICE Futures Europe, while December West Texas Intermediate crude CLZ22, +2.22% traded at $88.39 on the New York Mercantile Exchange, up $1.86, or 2.2%.