Brent crude oil futures rose above $71 per barrel on Thursday, near the highest since July 31, and extending a 4.4% gain from the previous session, the strongest advance since late October, driven by fears of a potential US-Iran conflict. Reports indicated that any US military action would likely unfold as a weeks-long campaign, with Israel’s government advocating an outcome aimed at regime change in the Islamic Republic. Talks between the two sides have so far remained inconclusive, with Tehran saying it had reached a “general agreement” with Washington on the framework of a potential nuclear deal, while Vice President JD Vance said Iran failed to address US red lines and President Donald Trump reiterated that military force remains an option. Meanwhile, industry data showed US crude oil inventories fell by 0.61 million barrels last week, partially offsetting a 13.4 million-barrel surge in the prior week, the sharpest increase since January 2023.