Oil Prices Up on Iran Tensions; Brent Near $70, WTI Near $65

Crude oil extended gains Thursday as traders weighed escalating US-Iran tensions and supply realities. Brent crude approached $70 a barrel, up almost 1% from Wednesday, while West Texas Intermediate neared $65. The IEA is scheduled to release its monthly oil outlook later Thursday, potentially highlighting a supply glut despite continued geopolitical risk. US crude inventories rose 8.5 million barrels last week to the highest since June, according to the EIA. The prompt spread for Brent remains in backwardation at 69 cents per barrel, indicating near-term tightness. Additional adversarial rhetoric or military posturing could add a risk premium, but gains are likely capped without an imminent strike on Iran.