Oil prices hover near 7-month highs as US-Iran conflict fears grow
Oil prices reached a one-year high (Photo: Getty Images)
Oil prices are fluctuating near seven-month highs as the threat of military conflict between US and Iran continues to worry investors, according to Reuters.
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It is noted that prices reached record levels in 2026 and hit a seven-month peak. Brent futures traded at $71.22 per barrel, up $0.45, or 0.64%. WTI futures rose 0.64%, or $0.42, to $66.05.
Brent prices reached their highest level since July 31, while WTI reached its highest level since August 4, and both contracts remain close to these levels.
The main reason for the price increase is fears of a prolonged conflict between the US and Iran, which could disrupt oil supplies.
Amid rising tensions, Iran and China have accelerated negotiations on the purchase of Chinese anti-ship cruise missiles that could be directed against US naval forces concentrated near the Iranian coast.
Although geopolitical tensions supported prices, the market is also struggling with concerns about a significant increase in inventories, as global supply exceeds demand.
According to sources, the American Petroleum Institute reported late Tuesday a significant increase in US oil inventories by 11.43 million barrels over the past week. However, gasoline and distillate stocks declined.
Global oil prices have recently risen slightly as negotiations between the US and Iran have shown little progress. Demand for energy resources from India has also increased.
It was also reported that imports of Russian oil into India could be cut by about half after the conclusion of a trade agreement with the US.
