• WTI price gained ground due to rising geopolitical tensions amid reports that Iran may attack Israel.
• Israeli intelligence believes Iran intends to launch numerous drones and ballistic missiles before the US presidential election.
• US Oil production increased by 1.5% in August, reaching a monthly record high of 13.4 million barrels per day.

West Texas Intermediate (WTI) Oil price holds steady on Friday during Asian trading hours, around $70.20 per barrel, following gains in the previous session. Crude Oil prices were bolstered by rising geopolitical tensions amid reports that Iran may be planning a retaliatory strike on Israel from Iraqi territory in the near future.

According to a Reuters report citing Axios, two unnamed Israeli sources revealed that Israeli intelligence believes Iran intends to launch an attack from Iraq, potentially involving numerous drones and ballistic missiles, possibly before the US presidential election on November 5.

Furthermore, the OPEC coalition, which comprises the Organization of the Petroleum Exporting Countries and its allies, including Russia, may delay its planned output increase for December by at least a month amid concerns over weak oil demand and rising supply.