Oil price rises above $120 as US mulls military strikes on Iran

Oil prices rose as much as 7% on Thursday on a report the United States is considering potential military action against Iran to break the deadlock ‌in negotiations to end the war.

Brent crude futures for June rose $6.81, or 5.8%, to $124.84 a barrel as of 0527 GMT, after gaining 6.1% in the previous session.

The June contract, up for a ninth day, expires on Thursday and the more active July contract was at $113.78, up $3.34, or 3%, ​after gaining 5.8% in the previous session.

U.S. West Texas Intermediate futures for June were up $2.76, or 2.6%, at $109.64 a barrel, after climbing 7% in ​the previous session, climbing in eight of nine sessions.

Both benchmarks are on track for their fourth month of gains.

Since the ⁠start of the year, Brent prices have more than doubled, rising to their highest since March 2022 on Thursday, and WTI is up more than 90%.

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United States ​President Donald Trump is slated to receive a briefing on Thursday on plans for a series of military strikes on Iran in hopes it will return to ​negotiations on its nuclear programme, Reuters reported.

The U.S. and Israel began air strikes on Iran on February 28, and Tehran retaliated by closing off almost all shipping through the Strait of Hormuz, a chokepoint for energy supplies from Middle Eastern producers.

Amid a ceasefire that has paused combat, the U.S. has imposed a blockade on ​Iranian ports.

Talks to resolve the conflict, which has killed thousands and caused what analysts say is the world’s biggest energy disruption ever, have deadlocked, with the ​U.S. insisting on discussing Iran’s alleged nuclear weapons programme and Iran demanding some control over the strait and reparations for damage from the war.