(RTTNews) - Oil extended gains on Thursday after climbing more than 4 percent in the previous session amid heightened military activity in the Middle East.
Benchmark Brent crude futures jumped 1.4 percent to $71.30 a barrel, while U.S. WTI crude futures were up 1.5 percent at $66.02.
Both contracts surged over 4 percent on Wednesday following reports that American military intervention in Iran may come sooner than expected.
CBS News reported citing top national security officials that 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.
Meanwhile, U.S. President Donald Trump has asked the U.K. Prime Minister Keir Starmer not to hand over Diego Garcia to Mauritius.
Trump called handing over the Chagos Islands and taking the military base on a lease a "big mistake" and said the U.S. might use Diego Garcia to eradicate a potential attack by Iran if it doesn't agree to a nuclear deal following the talks in Geneva.
Elsewhere, hopes for any easing of sanctions on Russian energy exports faded after U.S.-brokered Geneva talks ended without a breakthrough.
Russia said it destroyed 113 Ukrainian drones overnight, including one that caused a fire at an oil refinery.
Besides heightened geopolitical tensions, oil prices also remain supported by industry data showing a tighter U.S. supply picture.
According to estimates from the American Petroleum Institute, U.S. crude stockpiles fell by about 609,000 barrels during the week ended Feb. 13.
Official government data from the Energy Information Administration will be in the spotlight later in the day.
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