Oil climbs as Iranian supply concerns overshadow unexpected build in US stockpiles

Oil prices rose on Wednesday for a ​fifth straight session on fears of Iranian supply disruptions due to a potential U.S. attack on ‌Iran and possible retaliation against U.S. regional interests.

Brent futures were up 48 cents, or 0.73%, at $65.95 a barrel at 11:49 a.m. ET (1649 GMT). U.S. West Texas Intermediate crude was up 35 cents, or 0.57%, at $61.50 a barrel.

Tehran warned U.S. allies in the Middle East it would strike U.S. bases on their soil if Washington attacked Iran. The United States was from key bases in ‌the region as a precaution given heightened regional tensions, a U.S. official said on Wednesday.

"We ​are in a period of geopolitical instability and potential supply disruption," said Jorge Montepeque, managing director at Onyx Capital Group. "The protests in Iran are seen as potentially leading to a regime change. That's a big one and the possibility ‍of a U.S. attack is looking high."

U.S. President Donald Trump on Tuesday urged Iranians to keep protesting and said help was on the way, without specifying what that meant.

"Protests in Iran risk tightening global oil balances through near-term supply losses, but mainly through rising geopolitical risk premium," ⁠Citi analysts said in a note.