Brent crude oil prices climbed past $70 a barrel on Thursday, marking the first time since September, after US President Donald Trump escalated tensions with Iran by threatening military strikes over the country’s nuclear program.
In London trading, Brent North Sea crude, the global benchmark, surged 2.4 percent to $70.06 per barrel, while the US West Texas Intermediate (WTI) gained 2.6 percent, reaching $64.82 per barrel.
Trump, in a post on his Truth Social platform Wednesday, called on Iran to negotiate a deal that would prevent the development of nuclear weapons. “Hopefully Iran will quickly ‘Come to the Table’ and negotiate a fair and equitable deal — NO NUCLEAR WEAPONS — one that is good for all parties. Time is running out, it is truly of the essence!” he wrote.
He added a stark warning, referencing American airstrikes on Iranian nuclear targets in June: “The next attack will be far worse! Don’t make that happen again.”
Iranian Foreign Minister Abbas Araghchi responded by warning that Tehran would react immediately and forcefully to any US military action, intensifying fears of a potential conflict in the region.
Derren Nathan, head of equity research at Hargreaves Lansdown, noted that even a limited conflict could disrupt Iran’s daily oil output of three million barrels and affect shipments through the Strait of Hormuz, a vital route for global energy supplies.
“Brent crude oil is now at the highest level seen in four months as the war of words… ratchets up,” Nathan said, highlighting the impact of rising geopolitical tensions on energy markets.
