International Oil Prices Jump to 7-Month High Amid Fears of US Attack on Iran

Global oil prices rose to a seven-month high on Tuesday as markets weighed the risk of a potential military escalation between the United States and Iran.

Both major crude benchmarks advanced during Asian trading before slowing down. WTI Crude rose 0.9 percent to $67 per barrel by 7:40 PM Pakistan Standard time (PKT), while Brent Crude edged up 0.76 percent to $72.03 per barrel, staying close to their highest levels in seven months.

Regional tensions have reignited concerns over global trade and economic growth, and forced investors to rotate out of risk-sensitive assets such as oil and into traditional safe havens, including gold.

Energy analysts have begun factoring in more extreme price scenarios. Speaking to Bloomberg Television, Fereidun Fesharaki, Chairman Emeritus of FGE NexantECA, said oil prices in the $90–$100 per barrel range are “within reach” if tensions escalate further.

The analyst said that accepting US demands could undermine Iran’s political standing. So a breakdown in talks is more likely, which may increase the risk of a sharp spike in crude prices in the coming days.