Oil Hits High as Fears of U.S. Strike on Iran Skyrocket Prices

Oil prices jumped 1.5%, marking a third consecutive day of gains, as fears of a potential U.S. military strike on Iran stoked global supply concerns. Brent crude rose $0.94, or 1.4%, to $69.34 a barrel, while U.S. West Texas Intermediate climbed $0.92, or 1.5%, to $64.13. Both benchmarks have surged about 5% since Monday. The gains come due to Trump's escalating pressure on Iran. The market is also responding to a surprise 2.3 million-barrel drop in U.S. crude inventories, easing supply concerns. Additional disruptions, including Kazakhstan’s Tengiz oilfield restarting after fires and U.S. wells recovering from Winter Storm Fern, are further supporting prices. Analysts at Citi said geopolitical tensions alone could add $3–$4 per barrel, with Brent potentially hitting $72 within three months.