Oil Prices Hit Near Seven-Month Highs on US-Iran Tensions

Global oil prices remain near seven-month highs due to rising tensions between the US and Iran. The Brent crude futures price in London is hovering around $71 per barrel, a level not seen since late July. This increase comes as traders factor in a higher risk premium linked to geopolitical instability in West Asia East.

The West Texas Intermediate (WTI) futures price is also near its highest levels since early August, trading at approximately $65.8 per barrel. The global benchmarks have risen nearly 8% over the past month due to these increased tensions.

However, concerns about oversupply are still present as data from the American Petroleum Institute shows US crude inventories rose by 11.4 million barrels in the week ending February 20. Traders await official stockpile figures from the US Energy Information Administration for further direction on prices.