Global crude oil prices surged on Friday, with Brent rising above $72 per barrel for the first time since July 31, 2025, amid escalating geopolitical tensions in the Middle East.
Brent, the international oil benchmark, settled at $72.87 per barrel at market close, after briefly climbing as high as $73.50 during trading. US West Texas Intermediate (WTI) also advanced, finishing the session at $67.02 per barrel.
The rally marked a sharp reversal of a seven-month downward trend, during which Brent had struggled to sustain gains above $71.70.
The price jump followed indirect talks between the United States and Iran in Geneva on Thursday. The discussions came after US President Donald Trump ordered a military buildup in the region over the long-running dispute concerning Iran’s nuclear programme.
Oil prices gained more than $1 per barrel during the negotiations, reflecting market concerns that the talks had stalled over Washington’s demand for zero uranium enrichment by Iran. On Friday, Trump voiced frustration over the pace of negotiations, warning that “sometimes you have to use force.”
Tensions intensified on February 28, when the US and Israel reportedly carried out what they described as “pre-emptive” missile strikes on Iran. Tehran responded with missile attacks targeting US military bases across the Middle East.
Explosions were reported in Abu Dhabi, Manama, Doha, Kuwait, and Riyadh as regional hostilities escalated. In Bahrain, authorities confirmed that a missile struck the headquarters of the US Navy’s Fifth Fleet in Juffair.
Energy analysts say the conflict raises the risk of supply disruptions, creating what they describe as “asymmetric upside risk” for oil prices.
Market sentiment was also influenced by speculation that Saudi Arabia may raise its April crude prices to Asian buyers for the first time in five months, driven by increased demand from India as it seeks alternatives to Russian supplies. The potential increase is estimated at about $1 per barrel.
Meanwhile, sources told Reuters that the Organization of the Petroleum Exporting Countries (OPEC) and its allies are expected to consider increasing output by 137,000 barrels per day at their March 1 meeting, after pausing production hikes in the first quarter.