Oil prices jump amid Iran tensions and nuclear deal uncertainty

Oil prices surged on Wednesday as escalating tensions between the U.S., Israel, and Iran overshadowed recent pressure from increased OPEC+ production.

Brent crude rose 5% to $70.22 per barrel, with U.S. WTI climbing similarly. On Thursday, prices slightly corrected to $69 for Brent and $67.4 for WTI.

Azeri Light crude from Azerbaijan gained $0.32, or 0.44%, to $72.17 per barrel.

The market rally followed reports that the U.S. began withdrawing non-essential personnel from the Middle East. President Donald Trump said Wednesday he was now “less confident” about reaching a nuclear agreement with Iran, despite weeks of talks. A 60-day deadline set by Trump for finalizing terms expires Thursday. Tehran has announced a possible sixth round of negotiations on Sunday, though the U.S. and mediator Oman have yet to confirm.