Brent crude oil futures rose more than 2% to above $70 per barrel on Wednesday, approaching the highest since September, on renewed Middle East tensions. Reports suggested Washington may consider intercepting tankers carrying Iranian crude and could deploy an additional carrier strike group if negotiations over Iran’s nuclear program collapse. While initial talks last week were positive, traders fear failed negotiations could trigger US strikes on Tehran, risking Iranian oil supplies or prompting retaliation. Capping further gains, however, was a US industry report showing a sharp build in stockpiles, with inventories rising by 13.4 million barrels last week, the largest increase since November 2023 if confirmed by official data. Investors will also turn to OPEC’s monthly market outlook later today, followed on Thursday by an IEA assessment that has warned supply is set to outpace demand, resulting in a sizable surplus this year.