Oil Prices Surge 3% To Five-Month High on Worries US Could Attack Iran

• Oil prices climbed 3% to a five-month high on Thursday on rising concerns that global supplies could be disrupted if the U.S. attacks Iran, one of OPEC's biggest crude ​producers. Brent futures rose $2.31, or 3.4%, to settle at $70.71 a barrel, while U.S. West Texas Intermediate gained $2.21, or 3.5%, to settle at $65.42.
• That pushed both crude benchmarks ‌into technically overbought territory with Brent closing at its highest since July 31 and WTI closing at its highest since September 26. U.S. President Donald Trump is weighing options against Iran that include targeted strikes on security forces and leaders to inspire protesters, multiple sources said, even as Israeli and Arab officials said air power alone would not topple Tehran's clerical rulers.
• In Iran, plainclothes security forces have rounded up thousands of people in a campaign of mass arrests and intimidation to deter further protests. Two U.S. sources familiar with the discussions said Trump wanted to create conditions for "regime change" after a crackdown crushed ‌a nationwide protest movement earlier this month, killing thousands of people.
• Iran was the third-biggest crude producer in the Organisation of the Petroleum Exporting Countries behind Saudi Arabia and Iraq in 2025, according to U.S. Energy Information Administration data.

(Source: Reuters)