Azerbaijan (Commerce Desk): On Wednesday, global oil prices approached a seven-month high as investors closely monitored the risk of a U.S.-Iran military confrontation, with new diplomatic talks scheduled for Thursday.
Brent crude futures rose 43 cents, or 0.6%, reaching $71.20 per barrel, while U.S. West Texas Intermediate (WTI) increased 38 cents, or 0.6%, to $66.01 per barrel, according to Reuters.
Last week, Brent reached its highest level since July 31, and WTI hit its peak for the week since August 4. Both benchmarks remained near these highs as Washington increased its military presence in the Middle East to exert pressure on Tehran regarding its nuclear and ballistic missile programs ahead of negotiations.
