Global oil prices have increased following renewed tensions between the United States and Iran, driven by the deadlock in negotiations over Iran’s nuclear program. According to a Reuters report, crude oil benchmarks showed an upward trend on Thursday, reflecting market concerns about potential supply disruptions.

At the start of trading, Brent crude futures rose by 23 cents, or 0.3 percent, reaching 70.58 dollars per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude increased by 25 cents, or 0.4 percent, to 65.44 dollars per barrel. On Wednesday, both benchmarks had already climbed by more than four percent, marking their highest levels since January 30.

Analysts attribute the price surge to heightened military activity by both nations in key oil-producing regions and fears of supply interruptions. Traders have adjusted prices in response to the ongoing geopolitical uncertainty surrounding the U.S.-Iran standoff.