Brent tops $71/barrel, approaches Aug high

London: Brent oil futures prices jumped on Thursday, hitting a near six-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 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 $2.6, or 3.8%, to $71 a barrel, reaching its highest level since Aug 1. The contract is on track to rise over 16% in Jan, its biggest monthly increase in four years. US West Texas Intermediate crude was up $2.5, or 4%, to $65.8 a barrel. WTI futures earlier reached $65.8 a barrel, a four-month high, and were on track for a 14% monthly gain, the biggest since July 2023. US President Trump has increased pressure on Tehran to end its nuclear programme. tnn