Oil Prices Surge to Six-Month High Amid Geopolitical Uncertainty

(MENAFN) Oil prices surged to their highest levels in six months on Friday, with escalating U.S.-Iran tensions and tightening global supply driving one of the energy market's most significant rallies in recent memory.

Global benchmark Brent crude futures blasted through the psychological $70 barrier, climbing to approximately $72.8 per barrel by 2000 GMT — a technical breakout that underscored just how rapidly market sentiment has shifted. The move represented a 2.65% single-day gain, capping a remarkable 9.24% rise for the month.

U.S. West Texas Intermediate (WTI) was not far behind, surging over 2.49% to settle near $67 per barrel in the final trading session of February 2026.

The primary spark igniting the rally is the rapidly deteriorating standoff between Washington and Tehran over stalled nuclear negotiations in Geneva, which has injected a sharp risk premium into every barrel traded. Adding further fuel, a surprise contraction in U.S. crude oil inventories signaled that the balance between global supply and demand is tightening faster than analysts had anticipated — a development that caught many traders off guard.

With markets already on edge, all eyes are now locked on the upcoming OPEC+ meeting, where member nations will determine future production quotas. Any decision to further restrict output could send prices spiraling even higher, leaving consumers and policymakers with little room to maneuver in an already combustible environment.

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