Oil Prices Surge to Six-Month High on US-Iran Tensions

Oil prices surged to a six-month high on Thursday, driven by escalating tensions between the United States and Iran following warnings from President Donald Trump of potential military action if Tehran refuses to negotiate a nuclear deal. Brent crude futures climbed more than 5 percent to $71.89 per barrel, the highest level since early August, while West Texas Intermediate crude rose about 2 percent to $64.57 per barrel. The benchmarks have gained around 20 percent since dipping below $60 in early January.

Trump's rhetoric intensified the geopolitical risks, with the president posting on Truth Social that time was running out for Iran and that a U.S. naval fleet larger than the one deployed to Venezuela earlier this year was heading to the region. He urged Iran to "come to the table and negotiate a fair and equitable deal," warning that any further aggression would face a response "far worse than last year's." U.S. officials are considering strikes on Iranian security forces and leaders to bolster ongoing protests and potentially destabilize the regime, according to sources familiar with the discussions.

Iran responded defiantly, with its UN mission stating on X that it remains...