Brent crude futures were up $1.52, or 2.22%, at $69.92 a barrel by 1210 GMT. During the session, prices climbed as high as $70.35 a barrel, their highest level since late September, News.Az reports, citing Reuters.
US West Texas Intermediate (WTI) crude also advanced, rising $1.48, or 2.34%, to $64.69 a barrel. Earlier in the day, WTI futures briefly topped $65 a barrel, marking a four-month high.
Tensions have escalated after US President Donald Trump intensified pressure on Iran to curb its nuclear programme, including threats of military action and the deployment of a US naval group to the region.
According to Reuters, Trump is considering options that include targeted strikes against Iranian security forces and senior figures in an effort to encourage unrest that could weaken the country’s leadership, citing US sources familiar with the discussions.
Analysts say the rising geopolitical risks are already being reflected in oil prices. “The potential for Iran getting hit has escalated the geopolitical premium of oil prices by potentially $3 to $4 per barrel,” analysts at Citi said in a note, adding that further escalation could push Brent prices as high as $72 a barrel over the next three months.
Supply concerns have also been compounded elsewhere. Kazakhstan’s giant Tengiz oilfield is being restarted in stages after electrical fires disrupted output last week, with operators aiming to restore full production within a week.
In the United States, the world’s largest oil producer and leading liquefied natural gas exporter, crude and gas producers have begun bringing wells back online following disruptions caused by Winter Storm Fern over the weekend.
