09:10 AM EDT, 11/01/2024 (MT Newswires) -- Oil prices rose early on Friday following a report that Iran is planning further attacks on Israel using its Iraqi militia, reviving worries over a spreading Middle Eastern war return.

West Texas Intermediate crude oil for December delivery was last seen up US$1.65 to US$70.91 per barrel, while December Brent crude, the global benchmark, rose US$1.51 to US$74.32.

The Axios news site on Thursday reported Iran is readying an attack on Israel using drones and missiles launched from Iraq, citing two unnamed Israeli sources. The report suggests fighting between Iran and Israel is resuming, even as oil prices fell sharply on Monday after Israel on the weekend launched a limited attack on Iranian military and industrial sites in retaliation for Iran's Oct.1 missile attack.

An unexpected drop in U.S. inventories last week also offered support along with reports OPEC+ is rethinking a plan to add 180,000 barrels of oil monthly for a year beginning in December.

"Crude oil found support from strong US economic data, China's stimulus, and Iran's threat of an imminent retaliatory strike against Israel, Saxo Bank noted.

Weak U.S. jobs data released on Friday by the Bureau of Labor Statistics is not yet seen affecting trading. The U.S. Bureau of Labor Statistics reported the country, added just 12,000 new jobs last month, down from a revised 254,000 jobs in September and well below the consensus estimate for a rise of 110,000 jobs, according to Marketwatch.