Brent crude oil for April delivery rose 2.52% early this afternoon to its highest level in over a year, due to geopolitical tensions between the United States and Iran.
Around 13:10 in Lisbon, April Brent crude was trading at $72.53 per barrel on the London futures market, a level not seen since February of last year, up from $70.75 on Thursday.
West Texas Intermediate (WTI), the U.S. benchmark, also rose to $67.32 per barrel, up 3.24% from $65.21 at the close on Thursday.
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Markets are closely watching the situation between Iran and the United States after U.S. President Donald Trump set a deadline for Tehran until early March to reach an agreement on its nuclear program. If no agreement is reached, military intervention cannot be ruled out.
