Oil prices rose more than 4 per cent on Thursday as reports US President Donald Trump considers whether to attack Iran.
Brent, the global benchmark for crude, rose 4.47 per cent to cross the $70-a-barrel threshold at $71.46 at 7.14pm UAE time. West Texas Intermediate, which tracks US crude, was up 4.43 per cent at $66.01 a barrel.
Mr Trump has sent the USS Abraham Lincoln carrier strike group to the region, and warned in a social media post on Wednesday that Iran would face “far worse” than last year's strikes unless it began talks on its nuclear programme.
Iran responded to Mr Trump's threat by saying any US attack on the Opec nation would be seen as the “start of war”, and issued its own threat that it would respond by striking Tel Aviv.
US media reported earlier on Thursday that Mr Trump was considering using targeted strikes on Iran's security forces and leaders to encourage protesters.
The market is currently assessing whether US military force against Iran could lead to a disruption of crude supplies in the Middle East.
Iran is the seventh-largest producer of crude globally with an estimated 3.3 million to 3.4 million barrels per day, with exports of about 1.8 million to 2.2 million barrels per day.
Mr Trump has made numerous threats to intervene in Iran if the regime continues its deadly suppression of protests amid unrest in the country.
The US-based Human Rights Activists News Agency (Hrana) recently reported that 6,159 people, including more than 5,800 protesters, had been killed during the crackdown.
The figure is nearly double the one provided by the Iranian government, which last week said 3,117 people had been killed. The government said 2,427 of those killed were civilians and members of the security forces, with the others being described as “terrorists”.
