Bad news for India: In a matter of bad news for Indian markets international oil prices surged on Wednesday amid market concerns over potential disruptions in global crude oil supply. The price of Brent crude rose by 69 cents i.e. 1.06% to reach $ 66.07 per barrel and at the same time the WTI crude traded at $ 66.07 per barrel with a rise of 69 cents i.e. 1.06%. The surge in the prices of international oil were triggered by regional tension as reports speculated that Israel may target Irans nuclear facilities. Here are all the details you need to know about the price rise. Israel prepares to strike Irans nuclear facilities As per US media reports Israel is preparing to strike Irans nuclear facilities and as a result of the concerning news update oil supply and intensification of regional conflicts dramatically driving up international oil prices on Wednesday with the New York crude oil future price rising by more than 3 percent at one point. Global crude oil supply impacted According to a Reuters report as of 03:30 GMT on Wednesday the price of light crude oil futures for July delivery on the New York Mercantile Exchange rose by 96 cents an increase of 1.6 percent while Brent crude oil futures for July delivery rose by 97 cents an increase of 1.5 percent. Israel-Iran conflict: Impact on oil prices Readers should note that Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and if Israel strikes Iran it could disrupt oil supplies from Iran. Moreover Iran may also take retaliatory actions by blocking the Strait of Hormuz which is expected to further affect oil exports from multiple countries. In case of a conflict between Iran and Israel the prices of petrol and diesel are expected to rise in India impacting the pockets of middle class. (With inputs from agencies)