Oil climbs above $70 a barrel, hitting five-month high on Iran tensions
At 9:30 a.m. ET, Brent crude futures reached $70.44, the highest level since Aug. 1, 2025.
Brent crude climbed past $70 a barrel on Thursday amid fears of a possible U.S. military attack on Iran — OPEC’s fourth-largest producer, which pumps about 3.2 million barrels per day.
Global benchmark Brent crude futures were trading at $69.34 a barrel at 12:15 p.m. ET on Thursday, after climbing to $70.44 at 9:30 a.m. — their highest level since Aug. 1, 2025.
US West Texas Intermediate crude futures were trading at around $65.29 a barrel at 12:15 p.m. ET on Thursday, up 3.29% from Wednesday’s close of $64.11.
Why it matters: As well as being a major oil producer, Iran controls access to the Strait of Hormuz, a critical waterway through which roughly a fifth of the world’s maritime oil trade passes. Tehran has previously threatened to blockade the strait as an economic deterrent in the event of war. As a result, fears of a potential US strike have heightened concerns over possible disruptions to Middle East crude flows.
