Oil Rises as Traders Weigh Risk of US-Iran Conflict After Talks

Oil gained the most since October as traders weighed whether talks between the US and Iran will be enough to avert conflict, following a report that American military intervention could come sooner than expected.

West Texas Intermediate was up 4.6% to settle near $65 a barrel, while Brent crude closed above $70 for the first time in over two weeks. Axios reported that any US military operation would likely be a weeks-long campaign, rather than the pinpoint operation that took place in Venezuela last month. Israel’s government is pushing for a scenario targeting regime change, the report added.