International oil prices have hit a six-month high due to escalating tensions between the US and Iran, and growing concerns that Washington could launch military strikes against Tehran. Earlier this week, the second round of talks between US and Iranian envoys in Geneva over Tehran’s nuclear programme concluded with some progress, although still far from any concrete signs of an understanding that could allay fears of military action. The US has significantly built up its military presence in the region in recent weeks. Moreover, US President Donald Trump said Thursday (February 19) that Iran had 10-15 days to agree to a “meaningful deal” with Washington — a comment that is being interpreted as an ultimatum. Oil markets worry The reason why oil markets appear jittery is the apprehension that military action against Iran could choke oil supplies from the wider Gulf region, which accounts for the lion’s share of global oil exports. At the heart of the apprehensions is the risk that the regime in Tehran, if cornered and posed with an existential threat, could …