(RTTNews) – Oil prices rose on Thursday after climbing more than 4 percent in the previous session amid escalating military activity in the Middle East.
Benchmark Brent crude futures jumped 1.4 percent to $71.30 a barrel, while US WTI crude futures were up 1.5 percent at $66.02.
Both contracts rose more than 4 percent on Wednesday after reports that US military intervention in Iran would happen sooner than expected.
The US military is prepared for a possible strike on Iran by Saturday, but the timeline for any action is likely to extend beyond this weekend, CBS News quoted top national security officials as saying.
Axios reported that a potential US military operation against Iran would likely be a “huge, weeks-long campaign” and that Israel is pushing for a scenario targeting regime change in the Islamic Republic.
Meanwhile, US President Donald Trump has asked British Prime Minister Keir Starmer not to hand over Diego Garcia to Mauritius.
Trump called ceding the Chagos Islands and leasing the military base a “big mistake” and said the United States could use Diego Garcia to deter a possible attack by Iran if it does not agree to a nuclear deal after talks in Geneva.
Elsewhere, hopes of any easing of restrictions on Russian energy exports faded after US-brokered Geneva talks ended without a breakthrough.
Russia said it destroyed 113 Ukrainian drones overnight, including one that caused a fire at an oil refinery.
Apart from heightened geopolitical tensions, oil prices were also supported by industry data showing a tight US supply picture.
U.S. crude oil stockpiles fell by about 609,000 barrels during the week ended Feb. 13, according to estimates by the American Petroleum Institute.
Official government data from the Energy Information Administration will make headlines later in the day.
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