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Oil prices hovered near six-month highs as concerns grew about a potential escalation of tensions between the United States and Iran.
Brent crude rose 5.3%, while U.S. West Texas Intermediate (WTI) crude gained 5.2%. The moves followed statements by U.S. President Donald Trump, who warned that “really bad things” would happen if Iran did not reach a deal to limit its nuclear program. He also set a deadline of 10 to 15 days for reaching a deal.
Iran, a major oil producer, sits across the Strait of Hormuz from the Arabian Peninsula. About 20% of global oil supplies pass through this strategic route. Any conflict in the area could restrict supplies entering the international market and put pressure on prices to rise further.
"The market focus has clearly shifted to escalating tensions in the Middle East following the failure of several rounds of US-Iran nuclear talks, even as investors continue to debate whether there will be any real supply disruptions ," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
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