Oil – Brent Crude extended its rally on Wednesday, briefly trading above $70 per barrel for the first time since July 2025, as traders reacted to reports that U.S. President Donald Trump is considering targeted military strikes on Iranian positions amid ongoing unrest in the OPEC producer. March Brent futures climbed 3.63% to $70.92 per barrel by midday in New York, while front-month Oil – US Crude (WTI) advanced 3.72% to $65.49. The renewed geopolitical risk premium in the Middle East has tempered previous concerns about an oversupplied market, with some analysts suggesting that the prior “bearish oil glut” narrative is being reassessed in light of potential supply disruptions.
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Over the past month, WTI has gained about 10.82%, while Brent has risen roughly 11.47%, reflecting a sustained uptrend as geopolitical risks and shifting expectations for global demand support prices. From a short-term technical perspective, both contracts currently screen as a Buy for WTI and a Buy for Brent on the 1-day signal, indicating bullish momentum but also raising the potential for increased volatility if headlines around Iran or OPEC policy shift. Investors can explore more updates, prices, and analysis across global markets at Commodities.