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.

Shares rose in Asia on Wednesday while oil prices jumped more than $1.20 a barrel following a report that Israel may be planning an attack on Iranian nuclear facilities. Oil prices surged after a CNN report cited unnamed intelligence officials saying Israel may be preparing for an attack on Iranian nuclear facilities.

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.