PHOTO: REUTERS[NEW YORK] Oil prices climbed 3 per cent to a five-month high on Thursday on rising concerns that global supplies could be disrupted if the US attacks Iran, one of Opec’s biggest crude producers. “The potential for Iran getting hit has escalated the geopolitical premium of oil prices,” Citi analysts said in a note. Any peace deal that would allow Russia to export more oil should increase global supplies and decrease energy prices. A weaker US dollar can boost oil prices by making dollar-priced oil less expensive for many global buyers. Analysts noted the premium of futures for Brent over WTI rose to US$5.30 per barrel, its highest since April 2024.