Oil prices have surged to their highest levels in six months, crossing the $70 mark, largely due to rising geopolitical tensions in the Middle East. The international benchmark for Brent crude oil rose to $71.35 per barrel, while the US-based WTI crude oil reached approximately $66 per barrel. This rise in oil prices is directly linked to the current situation surrounding the US-Iran relations, with President Donald Trump making strong statements against Iran, warning severe consequences if they refuse to agree to nuclear negotiations.

This week, the US and Iran held discussions in Switzerland, but reports from officials, including Vice President JD Vance, indicated Iran's reluctance to meet key US demands. With media speculation hinting at a potential war scenario between the two nations, the situation is intensifying. President Trump mentioned on Thursday that the world could soon find out if a deal with Iran will be reached or if military action will be initiated in the next ten days, further fueling market uncertainty and volatility in oil prices.

Adding to this tension is the positioning of a substantial US military force near the Iranian coastline, which includes the aircraft carrier USS Abraham Lincoln. These developments not only have implications for US foreign policy and regional stability but also significantly affect global oil markets, as prices are sensitive to geopolitical crises. Investors and analysts are closely monitoring these events, considering their potential impacts on both oil supply and broader economic conditions.