LONDON, Jan 29 (Reuters): Brent oil futures prices jumped on Thursday, hitting a four-month high on rising concerns about a possible US military attack on Iran, OPEC's fourth-largest producer with output of 3.2 million barrels per day.
"The immediate (market) concern ... is the collateral damage done if Iran takes a swing at its neighbours or possibly even more tellingly, it closes the Strait of Hormuz to the 20 million barrels per day of oil that navigates it," said PVM analyst John Evans.
Brent crude futures were up $1.65, or 2.4%, to $70.05 a barrel at 1308 GMT. At its intra-day peak, Brent traded as high as $70.35 a barrel, its highest since late-September. The contract is on track to rise over 15% in January, its biggest monthly increase in four years.
US West Texas Intermediate crude was up $1.59, or 2.5%, to $64.80 a barrel. WTI futures earlier topped $65 a barrel, also a four-month high, and were on track for a 13% monthly gain, the biggest since July 2023.
US President Donald Trump has increased pressure on Tehran to end its nuclear programme, with threats of military strikes and the arrival of a US naval group in the region.
Oil prices top $70 per barrel
FE Team | Published: January 29, 2026 23:29:48
Oil prices top $70 per barrel
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