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Brent Crude Rises Above $70 per Barrel on Fears of Iran-Related Escalation

Brent oil futures jumped to a four-month high on Thursday amid rising fears that a potential U.S. military strike on Iran could disrupt supplies from the OPEC producer.

Brent crude oil futures surged on Thursday, reaching a four-month high, as rising geopolitical tensions fueled concerns over a potential U.S. military strike on Iran, OPEC’s fourth-largest producer, which pumps around 3.2 million barrels per day.

Brent futures climbed $1.39, or 2.03%, to $69.79 per barrel by 10:11 GMT, after touching an intraday high of $70.35, the strongest level since late September.
Meanwhile, U.S. West Texas Intermediate (WTI) crude rose $1.37, or 2.17%, to $64.58 per barrel, briefly topping $65 to also hit a four-month high.

Oil prices were supported by escalating tensions after Donald Trump intensified pressure on Tehran to end its nuclear program. Reports of military strike threats and the deployment of a U.S. naval group to the region have heightened concerns about potential supply disruptions.

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