Oil Rises on Iran Tensions, Ignoring US Stockpile Surge

Oil climbed for a second day as US-Iran tensions overshadowed swelling supplies.

Brent rose toward $70 a barrel, WTI near $65. President Trump said he prefers a nuclear deal with Tehran, but traders remain on edge over potential military strikes.

By the numbers:
• US crude inventories jumped 8.5 million barrels last week — highest since June
• Brent’s prompt spread: 69 cents (backwardation)
• Weekly gains: every week this year except one

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Goldman Sachs says surplus is appearing, but in less price-sensitive locations.

Later today: IEA monthly outlook expected to flag a glut.

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