Brent crude surpassed $71 per barrel amid fears of a possible US attack on Iran.
Global oil prices rose for the second day in a row amid concerns about a possible US attack on Iran and its consequences.
The price of a barrel of Brent crude exceeded $71 for the first time since January 29, according to trading data. At the time of writing, the figure had risen 1.51 percent to $71.41.
“The US and Iran have attempted to de-escalate tensions during talks over Tehran's nuclear program, but at the same time, both sides have stepped up military activity in the key oil-producing region,” Reuters reports. Market participants' main concerns are that a potential escalation could lead to supply disruptions through the Strait of Hormuz, the agency writes, citing a note from ANZ analysts.
