Oil prices turned positive Tuesday, jumping about 3%, following reports Iran was preparing to launch a missile attack on Israel.

Brent futures were up $2.04, or 2.9%, to $73.74 a barrel by 9:58 a.m. EDT (1358 GMT), while U.S. West Texas Intermediate (WTI) crude rose $2.11, or 3.1%, to $70.28.

The U.S. said it has indications that Iran is preparing to imminently launch a ballistic missile attack against Israel, according to a senior White House official.

The U.S. is actively supporting preparations to defend Israel against such a threat, and a direct military attack on Israel by Iran would carry severe consequences for Tehran, the official said.