Brent Crude Oil Prices Surge Amid U.S.-Iran Tensions

As of February 24, 2026, oil prices have surged to a seven-month high, with Brent crude trading at $72.03 per barrel, reflecting heightened fears of a potential military escalation between the United States and Iran. This increase follows a volatile trading session where Brent peaked at $72.50 the previous day. Analysts are increasingly concerned about the implications of the upcoming U.S.-Iran nuclear talks in Geneva, with Fereidun Fesharaki, Chairman Emeritus of FGE NexantECA, suggesting that if tensions escalate, oil prices could reach the $90–$100 per barrel range. The market remains sensitive to geopolitical developments, as evidenced by the U.S. ordering the withdrawal of non-essential personnel from its embassy in Beirut, which signals rising tensions in the region.