Oil gains after Israel threatens Iran [Video]

Crude oil futures held near five-month highs on Wednesday after Israel threatened to attack Iran if the Islamic Republic strikes Israel directly.

The West Texas Intermediate contract for May delivery gained 9 cents, or 0.11%, to $85.32 a barrel. June Brent futures added 13 cents, or 0.15%, to $89.70 a barrel.

The gains from geopolitical tensions were offset slightly by a hotter than expected inflation report. Oil prices pulled back after the consumer price index rose 0.4% for March and 3.5% over the previous year, compared with expected gains of 0.3% and 3.4%, respectively.

Israel warned OPEC member Iran Wednesday it would attack the Islamic Republic if Tehran strikes Israel.

“If Iran attacks from its territory, Israel will react and attack Iran,” Israeli Foreign Minister Israel Katz said on the social media platform X, tagging Supreme Leader Ayatollah Ali Khamenei.

Khamenei has threatened to punish Israel after Iran’s consulate in Damascus, Syria, was …