Oil Market Turmoil: Prices Near 7-Month High Amid US-Iran Tensions, Tomorrow Crucial

• Crude oil prices are near a seven-month high, with Brent futures at $71.22 and WTI at $66.05.
• Investors are concerned about potential supply disruptions due to a possible US-Iran military confrontation.
• Talks between US and Iranian delegations are scheduled for Thursday in Geneva, with US President Trump warning of "very bad consequences" if no agreement is reached.
• A prolonged conflict could disrupt supply from Iran, the third-largest OPEC crude oil producer.
• Despite tensions, concerns exist about large inventory build-ups, with US oil inventories increasing by 11.43 million barrels last week.