Global oil prices jumped sharply on Thursday as growing fears of a possible US military strike on Iran unsettled energy markets. Brent crude climbed to a near six-month high, driven by concerns that any conflict involving Iran — OPEC’s fourth-largest producer — could disrupt supplies from the Middle East.
Brent futures rose $2.61, or nearly 4%, to around $71 a barrel, marking their highest level since early August and putting prices on track for their biggest monthly gain in four years. US crude also surged, with West Texas Intermediate rising about 4% to nearly $66 a barrel, its highest level in four months.
Analysts warned that markets are particularly nervous about the risk of Iran retaliating by targeting regional oil infrastructure or restricting traffic through the Strait of Hormuz, a key route for roughly 20 million barrels of oil per day.
Rising geopolitical tensions have added a fresh risk premium to prices, with some forecasts suggesting Brent could climb further if the situation worsens. Meanwhile, supply concerns eased slightly as oil output resumed in Kazakhstan and US producers restored operations after recent weather disruptions.
