JERUSALEM, May 13 (UPI) -- U.S. President George Bush will concentrate on regional security and the soaring price of oil when he visits the Middle East this week, CNN reported Tuesday.

CNN said Bush was scheduled to leave Tuesday and his trip would include stops in Israel, Saudi Arabia, Egypt and Jordan. It comes as violence was rocking Lebanon and diplomats were trying work toward a peace agreement between Israel and Palestinians.

Meetings with Israel's President Shimon Peres and Prime Minister Ehud Olmert were on Bush's agenda, CNN reported.

Bush expressed support for Olmert Monday in a meeting with Israeli journalists. Haaretz reported that Bush said the prime minister, who is implicated in a bribery investigation, is an "honest guy" and a "strategic thinker" and that their relationship was excellent.

The Wall Street Journal reported Tuesday that, even though the Midwest peace effort "on the surface appears unpromising," administration officials contend that economic investment is growing in the West Bank, enhancing the possibility of future viable Palestinian state.