(RTTNews) - After skyrocketing over the course of the previous session, the price of crude oil has shown another significant move to the upside during trading on Thursday.
Crude for March delivery is jumping $1.25 or 1.9 percent to $66.44 a barrel after soaring $2.86 or 4.6 percent to $65.19 a barrel during Wednesday's session. With the continued surge, the price of crude oil has reached its highest levels in six months.
The extended by oil prices comes amid continued concerns about a military conflict between the U.S. and Iran, with reports suggesting American military intervention may come sooner than expected.
Citing top national security officials, CBS News reported the U.S. military is ready for potential strikes on Iran as soon as Saturday, but the timeline for any action is likely to extend beyond this weekend.
Axios reported that a potential U.S. military operation against Iran would likely be a "massive, weeks-long campaign" and that Israel is pushing for a scenario targeting regime change in the Islamic Republic.
Crude oil prices saw further upside after the Energy Information Administration released a report unexpectedly showing a sharp pullback by crude oil inventories in the U.S. in the week ended February 13th.
The EIA said crude oil inventories tumbled by 9.0 million barrels last week after surging by 8.5 million barrels in the previous week. Economists had expected crude oil inventories to increase by 2.1 million barrels.
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