Doha: Oil prices climbed on Thursday, hovering near seven-month highs, as investors gauged whether US-Iran talks could avert a military conflict that risks supply disruptions, though gains were capped by a build in US crude inventories. Brent futures were trading at $71.12 per barrel, up 27 cents, or 0.3 percent. West Texas Intermediate (WTI) futures rose 23 cents, or 0.4 percent, to $65.65.

According to Qatar News Agency, Brent gained 8 cents on Wednesday, while WTI fell 21 cents. The ongoing tensions between the US and Iran have kept the market on edge, with investors closely monitoring the situation for any signs of a potential conflict that could impact oil supplies. Despite these concerns, the increase in US crude inventories has somewhat limited the gains in oil prices, indicating a complex interplay of factors influencing the market.