The March Brent crude oil contract on the Intercontinental Exchange hit a more than four-month high of $70.35 per barrel on Thursday. It was trading close to $69 per barrel at the time of writing. Meanwhile, the price of West Texas Intermediate crude oil topped $65 per barrel for the first time since September.

Crude oil markets continue to see buyers, as we are trying to price in geopolitical concerns, with a strike against Iran being possible. Because of this, the supply and demand situation is being ignored at the moment.

By Shadia Nasralla LONDON, Jan 28 (Reuters) - Oil prices hit their highest since late September on Wednesday after a winter storm disrupted U.S. crude output while a weak U.S. dollar and continued Kazakh outages lent further support.

Escalating U.S.–Iran tensions, tightening U.S. crude inventories, and a weaker dollar have combined to reintroduce a meaningful geopolitical risk premium into global oil prices.

President Donald Trump has said Iran wants to make a deal rather than face US military action, despite Tehran's insistence that its missile and defence systems will "never" be up for negotiation. "I can say this,