Oil Prices Surge Near Seven-Month Highs Amid Tensions

Oil prices are approaching seven-month highs amid escalating military tensions between the U.S. and Iran, which could disrupt supply chains. As of the latest reports, Nigeria's benchmark Brent futures traded at $71.10 per barrel, a rise of 33 cents (0.5%), while WTI futures increased by 22 cents (0.3%) to $65.84.

Brent prices reached their highest since July 31, and WTI hit its peak on August 4. The uncertainty in the Middle East, particularly concerning Iran's nuclear and ballistic missile programs, is contributing to a risk premium in the market.

U.S. envoy Steve Witkoff and Jared Kushner are set to meet with Iranian officials in Geneva for the third round of talks, with Iranian Foreign Minister Abba ARAQCHI indicating that a deal may be within reach. However, U.S.

President Donald Trump has warned of severe consequences if an agreement is not reached, emphasizing that Iran's concessions must align with U.S. demands, particularly regarding uranium enrichment.