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?

Iran’s nuclear facilities are deep underground and heavily fortified. An effective attack by Israel would require U.S. assistance for both mid-air refueling and munitions, according to the February intelligence report.

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