Brent tops $71/barrel, approaches Aug high – The Times of India

London: Brent oil futures costs jumped on Thursday, hitting a close to six-month high on rising considerations a few doable US navy assault on Iran, Opec’s fourth-largest producer with output of 3.2 million barrels per day.“The fast concern … is the collateral injury performed if Iran takes a swing at its neighbours or probably much more tellingly, it closes the Strait of Hormuz to the 20 million barrels per day of oil that navigates it,” stated PVM analyst John Evans.Brent crude futures have been up $2.6, or 3.8%, to $71 a barrel, reaching its highest degree since Aug 1. The contract is on monitor to rise over 16% in Jan, its largest month-to-month enhance in 4 years. US West Texas Intermediate crude was up $2.5, or 4%, to $65.8 a barrel. WTI futures earlier reached $65.8 a barrel, a 4-month high, and have been on monitor for a 14% month-to-month achieve, the most important since July 2023. US President Trump has elevated stress on Tehran to finish its nuclear programme. tnn