Crude Oil Nears 5-Month High Amid US-Iran Tensions, Brent Crosses $70

• Crude oil prices surged, with Brent crude crossing $70 and WTI trading above $65, nearing a 5-month high.
• Rising US-Iran tensions are a primary driver, fueled by President Trump's comments on a nuclear deal and concerns over military attacks.
• Geopolitical tensions have pushed futures higher, with the US focusing on Iran after interventions in Venezuela.
• Despite price increases, banks like Goldman Sachs indicate an abundant supply and a visible surplus in less critical locations.
• US crude oil stocks rose by 8.5 million barrels last week, reaching their highest level since June, while OPEC+ production fell.