Oil is ticking higher as traders weigh fresh U.S.–Iran tensions against rising U.S. stockpiles.
Brent is hovering near $69.7 and WTI around $65, with prices up roughly 0.4% after stronger gains in the previous session. The market is focused on geopolitical risk, as President Trump signaled talks with Tehran will continue but left the door open to further military presence in the Middle East if negotiations stall.
Any escalation that threatens Iranian supply or regional shipping routes could push WTI firmly above the $65–$66 zone. On the flip side, easing tensions may drag prices back toward $60–$61 as profit-taking kicks in.
Fundamentally, a strong U.S. jobs report is supporting demand expectations. However, a surprise 8.5M barrel jump in U.S. crude inventories is capping upside momentum.
For now, oil remains geopolitically supported, but headline-driven volatility is likely to stay high.