HOUSTON (Reuters):Following settlement on Thursday, oil prices continued to rise, gaining almost $1 due to a claim that Iran is planning to launch an attack on Israel from Iraqi territory in the coming days.

At 3:00 PM EDT, WTI crude oil futures surged $1.81 to $70.42 following settlement, while Brent futures for January delivery surged $1.82 to $73.98.

At $73.16 a barrel, Brent oil futures ended the day up 61 cents, or 0.84%. Thursday marked the expiration of Brent futures for December delivery. The January contract, which was traded more often, ended the day at $72.81. WTI futures ended the day at $69.26, up 65 cents, or 0.95%.

According to two unnamed Israeli officials cited by Axios on Thursday, Israeli intelligence indicates Iran is planning to launch an attack on Israel from Iraqi land in the next few days, maybe ahead of the November 5 U.S. presidential election.

According to the Axios report, a significant number of drones and ballistic missiles are anticipated to be used in the strike, which is anticipated to be launched from Iraq. According to the source, Tehran may be attempting to prevent another Israeli strike on vital facilities in Iraq by using pro-Iranian militias to carry out the attack.

Following Israel’s rather restrained weekend reprisal assaults on Iran, the week started with a significant selloff, with Brent and WTI futures down more than 6% on Monday.

Prices were also bolstered on Thursday by the potential for OPEC+ to postpone a planned rise in oil supply.

According to Reuters, a decision may be made as early as next week. On December 1, OPEC+ will convene to determine its next course of action.

For the first time in six months, manufacturing activity in China, the largest oil importer in the world, increased in October, indicating that stimulus measures are working.

According to Sahdev of Rystad Energy, “a number of global events have come together at the beginning of the month that may cause oil markets to have a rough ride in early November.” He included the U.S. election, a persistently poor forecast for Chinese demand, the unpredictability of OPEC+, and the Middle East conflict.

(Editing by David Goodman, Elaine Hardcastle, Leslie Adler, and Jane Merrimann; reporting by Georgina McCartney in Houston, Paul Carsten in London, Yuka Obayashi in Tokyo, and Colleen Howe in Beijing.)