Oil prices spiked on Thursday as traders weighed the possibility of conflict in the Middle East amid President Donald Trump‘s increased pressure on Iran to accept a nuclear deal, with warnings of a possible military strike.
Brent crude futures rose $3.33, or 4.8%, to $71.73 per barrel, marking the first time it hit $70 since September. U.S. West Texas Intermediate crude was up $3.16, or 5%, at $66.37 per barrel.
Iran is the sixth-largest oil producer in the world, accounting for nearly 4% of global crude production and producing about 3.2 million barrels per day.
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In a Truth Social post on Wednesday, Trump warned the Islamic Republic to negotiate on a nuclear deal or face U.S. strikes carried out by a naval fleet similar to the
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