Oil prices climbed to a four-month high during Asian trading on Thursday, extending recent gains as heightened geopolitical tensions between the United States and Iran prompted traders to price in a higher risk premium. The rally was further supported by ongoing supply disruptions in the U.S. caused by extreme winter weather, alongside continued weakness in the U.S. dollar. At the same time, severe winter storms across large parts of the United States have significantly disrupted domestic oil supply. Government figures revealed that U.S. crude oil inventories fell by 2.295 million barrels in the week ending January 23, far exceeding market expectations for a modest 0.2 million barrel draw. Together, geopolitical uncertainty, weather-driven supply constraints, and supportive macroeconomic factors have combined to push oil prices to their highest levels in months, keeping markets on edge.