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Oil Prices Rise Amid Trump Talk on Iran: ‘Time Is Running Out’
Brent crude reached $70.35 amid US-Iran tensions and supply disruptions from US Winter Storm Fern and Kazakhstan outages, tightening the global oil market, analysts said.
- On Thursday, Brent crude futures rose 99 cents, or 1.5%, to $69.39 a barrel by 0436 GMT, peaking intra-day at $70.35, its highest since late-September.
- U.S. President Donald Trump has increased pressure on Iran with threats of military strikes and a U.S. naval group arrival, raising the geopolitical risk premium by $3 to $4 per barrel, analysts at Citi said.
- Meanwhile, U.S. crude benchmarks rose after Tengiz's staged restart following last week's fires, with WTI up $1.37 to $64.58 at 1011 GMT.
- Analysts say some forecast higher prices amid Iranian concerns, while PVM analyst John Evans warned a Strait of Hormuz closure could disrupt 20 million barrels per day.
- Further escalation could push prices to $72 a barrel for Brent amid concerns over Iran's 3.2 million barrels per day output.
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Oil prices continue to rise for the third day in a row, up 1.5 percent so far today. Concerns are being raised by US threats of a military attack on Iran, foreign news agencies report.
Coverage Details
Total News Sources22
Leaning Left2Leaning Right3Center5Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 20%
C 50%
R 30%
Factuality
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