TEHRAN – Global oil prices climbed on Thursday as mounting fears of a military confrontation between Iran and Israel raised concerns about potential supply disruptions from the oil-rich West Asia.

Brent crude futures rose by 34 cents, or 0.5 percent, to $73.57 per barrel by 03:40 GMT. U.S. West Texas Intermediate (WTI) crude was up 29 cents, or 0.4 percent, trading at $72.06 per barrel. Both benchmarks had surged more than 2 percent earlier in the session.

“The market is largely focused on uncertainty surrounding the Iran-Israel conflict,” said Priyanka Sachdeva, senior market analyst at Phillip Nova, in an emailed comment.

She added that ahead of the U.S. Federal Reserve’s Open Market Committee meeting—where interest rate decisions are made—volatility could drive sharper price movements in oil markets. However, geopolitical risks in the Middle East remain the primary driver.

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