Brent crude oil surged above $70 a barrel on Thursday for the first time since September, driven by heightened geopolitical tensions after former U.S. President Donald Trump threatened military action against Iran.
The international benchmark, Brent North Sea crude, rose 2.4% to $70.06 per barrel in morning trading. The U.S. benchmark, West Texas Intermediate (WTI), climbed 2.6% to $64.82.
The price spike followed a post by Trump on his Truth Social network on Wednesday, in which he warned Iran to negotiate over its nuclear program and declared, “The next attack will be far worse!” He was referring to U.S. strikes on Iranian nuclear targets in June.
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Iran’s Foreign Minister, Abbas Araghchi, responded swiftly, warning that Tehran would retaliate “immediately and forcefully” to any U.S. military operation.
Analysts highlighted the direct threat to global oil flows.
Derren Nathan, head of equity research at Hargreaves Lansdown, noted that a conflict could disrupt Iran’s daily production of three million barrels and endanger tanker traffic through the critical Strait of Hormuz—a vital chokepoint for global energy supplies.
“Brent crude oil is now at the highest level seen in four months as the war of words… ratchets up,” Nathan said. The market reaction underscores investor sensitivity to potential supply shocks in an already tense Middle East.
