Oil prices advanced sharply on Thursday as geopolitical tensions surrounding Iran resurfaced, lifting both major crude benchmarks and prompting a broader bid for perceived safe-haven assets. International benchmark Oil – Brent Crude briefly reclaimed levels above $70 per barrel after U.S. President Donald Trump reiterated that military options against Iran remain possible if hostilities intensify, injecting a renewed risk premium into the market. U.S. benchmark Oil – US Crude also spiked intraday, with the move underscoring how quickly energy markets can reprice when supply security in the Middle East is questioned.
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Over the past month, Oil – US Crude has climbed about 10.76%, reflecting a combination of geopolitical risk and improving demand expectations, while technical indicators currently point to a short-term Buy bias. Oil – Brent Crude has gained roughly 11.35% in the same period, reinforcing its role as the key barometer for global supply risks, and its 1-day technical outlook similarly shows a Buy signal. The combination of strong recent performance and bullish near-term technicals suggests investors are increasingly pricing in a higher geopolitical risk premium while remaining sensitive to any shift in rhetoric or supply data. Investors can explore more updates, prices, and analysis across global markets at Commodities.