Oil Prices Soar to Six-Month Highs Amid US-Iran Conflict Fears

• Oil prices surged on Thursday, with Brent crude at $71.48 and WTI at $66.35, driven by escalating US-Iran tensions.
• Brent crude neared its highest level since last August, while WTI hit a six-month high.
• Concerns focus on the Strait of Hormuz, a critical oil transit route, with Iran reportedly conducting military drills and planning joint naval exercises with Russia.
• The US has deployed warships near Iran, and Vice President JD Vance indicated Washington is weighing diplomatic or alternative options.
• US crude, gasoline, and distillate inventories declined last week, contrary to expectations, adding to supply concerns.