The demonstration in Jerusalem came on the second day of Obama's first visit to Israel since his election in 2008, Arutz Sheva reported.
The activists donned white overalls, yellow helmets and climbing gear to scale metal cables of the city's Bridge of Strings.
They unfurled a banner reading in Hebrew: "Obama: Stop the drilling in the Arctic."
It was unknown if the activists were Israelis or foreigners.
Police spokesman Micky Rosenfeld said other activists remained at the site after the arrests.