Oil prices moved higher in Asian trading on Thursday as tensions between the United States and Iran stayed in focus.
Brent crude rose 24 cents to $70.59 a barrel. U.S. West Texas Intermediate (WTI) gained 28 cents to $65.47 a barrel. On Wednesday, both prices had already jumped more than 4%, hitting their highest closing levels since late January.
Traders are worried that if the standoff between Washington and Tehran gets worse, it could affect oil supplies. The biggest fear is disruption in the Strait of Hormuz — a key shipping route where about 20% of the world’s oil passes through.
There have been mixed signals. Talks between the U.S. and Iran in Geneva showed a little progress, but big differences remain. The White House said Iran is expected to return with more details in a couple of weeks.
At the same time, military activity has increased. Iran announced planned rocket launches in parts of the south. The U.S. has moved warships closer to the region. U.S. President Donald Trump is said to prefer keeping oil prices from rising sharply, and analysts believe that even if there is military action, it would likely be limited rather than a full-scale war.
Satellite images also show Iran strengthening a sensitive military site that was reportedly hit by Israel in 2024. Iranian state media even reported that the Strait of Hormuz was shut for a few hours earlier this week, though it was not clear how fully it reopened.
Elsewhere, peace talks between Russia and Ukraine ended without progress. Ukrainian President Volodymyr Zelenskiy accused Moscow of dragging its feet in U.S.-backed efforts to end the war.
On the supply side, U.S. oil data also supported prices. Industry figures showed that crude, gasoline, and distillate stocks fell last week, surprising the market. Official numbers from the U.S. Energy Information Administration are expected later on Thursday.
For now, the oil market is in a wait-and-see mode — watching both diplomacy and military moves very closely.
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