Oil prices climbed about 3% to a five-month high on Thursday on rising concerns that global supplies could be disrupted if the U.S. decides to attack Iran, one of the biggest crude
Oil prices climbed about 3% to a five-month high on Thursday on rising concerns that global supplies could be disrupted if the U.S. decides to attack Iran, one of the biggest crude producers in OPEC.
Brent futures rose $2.10, or 3.1%, to $70.50 a barrel by 11:07 a.m. EST (1607 GMT), while U.S. West Texas Intermediate (WTI) gained $2.09, or 3.3%, to $65.30.
That pushed both crude benchmarks into technically overbought territory and put Brent on track for its highest close since July 31 and WTI on track for its highest close since September 26.
U.S. President Donald Trump is weighing options against Iran that include targeted strikes on security forces and leaders to inspire protesters, multiple sources said, even as Israeli and Arab officials said air power alone would not topple Tehran's clerical rulers.
Two U.S. sources familiar with the discussions said Trump wanted to create conditions for "regime change" after a crackdown crushed a nationwide protest movement earlier this month, killing thousands of people.
"The immediate (market) concern ... is the collateral damage done if Iran takes a swing at its neighbours or possibly even more tellingly, it closes the Strait of Hormuz to the 20 million barrels
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