Brent oil prices rose as much as 7% on Thursday on a report the U.S. is considering potential military action against Iran to break the deadlock ‌in negotiations to end the war, increasing concerns of more supply disruptions to already curtailed Middle East exports. Brent crude futures for June rose $6.81, or 5.8%, to $124.84 a barrel as of 0527 GMT, after gaining 6.1% in the previous session. The June contract, up for a ninth day, expires on Thursday and the more active July contract was at $113.78, up $3.34, or 3%, ​after gaining 5.8% in the previous session. U.S. West Texas Intermediate futures for June were up $2.76, or 2.6%, at $109.64 a barrel, after climbing 7% in ​the previous session, climbing in eight of nine sessions. Both benchmarks are on track for their fourth month of gains. Since the ⁠start of the year, Brent prices have more than doubled, rising to their highest since March 2022 onThursday, and WTI is up more than 90%.

Reuters