The price of Brent crude oil, the international benchmark, surged above $70 per barrel on Thursday for the first time since September, driven by heightened geopolitical tensions. In morning trading in London, the Brent North Sea crude contract jumped 2.4 per cent to $70.06 a barrel. Global Risk To Vital Supply Choke PointAnalysts immediately highlighted the significant risk to worldwide oil flows. “Brent crude oil is now at the highest level seen in four months as the war of words… ratchets up,” Nathan said. Reintroducing A Geopolitical Risk PremiumIran’s Foreign Minister, Abbas Araghchi, responded by warning that Tehran would respond immediately and forcefully to any US military operation.