International oil prices jumped more than 4 percent amid worries of a military clash between the United States and Iran.

Reuters reported that Brent crude futures rose 4.35 percent, or $2.93, to $70.35 a barrel on Feb. 18 local time. U.S. West Texas Intermediate crude futures settled up 4.59 percent, or $2.86, at $65.19 a barrel.

Reuters reported that the settlement prices for both Brent and WTI futures were the highest since Jan. 30, rebounding in a day after falling to their lowest in two weeks.

Andrew Lipow (앤드루 리포), president of Lipow Oil Associates, told Reuters that the big swing in oil prices on the day was entirely driven by geopolitical factors. He said oil prices continued to react to news related to talks between the United States and Iran and between Russia and Ukraine.

He added that the oil market was pricing in additional risks of supply disruptions.

International gold prices also rebounded.

Reuters reported spot gold rose 2.22 percent to $4,985.46 an ounce.

The United States and Iran resumed nuclear talks on Feb. 17 in Geneva, Switzerland, but failed to reach a visible agreement. Iran's Islamic Revolutionary Guard Corps, or IRGC, was reported to have blocked the Strait of Hormuz, a major global oil shipping route, for several hours that day, citing military drills.

U.S. media also reported signs were being detected that a U.S. military operation against Iran was imminent.

U.S. online outlet Axios reported this on Feb. 18, saying a U.S. military operation in Iran was likely to be a large-scale operation over several weeks, closer to an all-out war, and compared it to an operation to arrest Venezuelan President Nicolas Maduro.

Earlier, U.S. Vice President JD Vance said on Fox News on Feb. 17 that President Trump had set several red lines, and it was very clear Iran still had no willingness to acknowledge them and work to address them.

He said Trump was trying to find a solution to prevent Iran from obtaining nuclear weapons, either through a diplomatic option or through another option. The 'other option' is interpreted as meaning military action.

Trump is maintaining a two-track stance of applying military pressure on Iran while also pursuing dialogue.

[Yonhap News Agency]