RoydadNaft –  Oil prices rose about 1.5% on Thursday, marking the third consecutive day of gains and reaching their highest levels since late September. This comes as concerns mount over the possibility of a U.S. military strike on Iran (one of the Middle East’s key producers) casting a shadow over the market and heightening the risk of supply disruptions.

According to Roydad Naft, Brent crude futures contracts rose by 94 cents, or 1.4%, to $69.34 per barrel. U.S. West Texas Intermediate (WTI) crude also gained 92 cents, or 1.5%, trading at $64.13 per barrel.

Both benchmarks have risen about 5% since the start of the week. The price increases are largely driven by escalating U.S. pressure on Iran to abandon its nuclear program, with Donald Trump threatening military action and a U.S. carrier strike group being deployed to the region. As OPEC’s fourth-largest producer, with output of around 3.2 million barrels per day, Iran could disrupt global supply in the event of heightened tensions—particularly by affecting the Strait of Hormuz, through which roughly one-fifth of the world’s oil passes.

Analysts note that the current geopolitical risk premium has added $3 to $4 per barrel, and if tensions persist, Brent could reach $72 in the next three months. Additionally, an unexpected draw in U.S. oil inventories has provided extra technical support.

Nevertheless, markets remain cautious, and any sign of de-escalation could lead to a correction of part of these gains.