Oil prices rose on Thursday morning as investors reacted to escalating tensions between the U.S. and Iran, fearing that any military action or disruption to shipping could impact global supply.
Brent crude futures climbed 27 cents, or 0.39%, to $69.67 a barrel at 0350 GMT, while U.S. West Texas Intermediate (WTI) crude gained 29 cents, or 0.45%, to $64.92. Both benchmarks had settled higher on Wednesday, with Brent up 0.87% and WTI rising more than 1.05%, despite a build in U.S. crude inventories.
Investor concerns were driven by remarks from U.S. President Donald Trump following talks with Israeli Prime Minister Benjamin Netanyahu, in which no “definitive” agreement was reached on dealing with Iran. Trump insisted, however, that negotiations with Tehran would continue.
Earlier, Trump said he was considering sending a second U.S. aircraft carrier to the Middle East if a deal is not reached with Iran, even as diplomatic talks between Washington and Tehran are set to resume. U.S. and Iranian diplomats held indirect discussions last week in Oman, though the date and venue for the next round of talks have not yet been announced.
