Oil Prices Surge Near Seven-Month High Amid U.S.-Iran Tensions

As of February 24, 2026, oil prices remain near a seven-month high, with Brent crude trading at $71.24 per barrel, reflecting ongoing concerns over U.S.-Iran tensions ahead of a critical round of nuclear talks scheduled for Thursday in Geneva. The U.S. State Department's decision to withdraw non-essential personnel from its embassy in Beirut underscores the escalating risks of military conflict, particularly as Iran is reportedly close to finalizing a deal with China for anti-ship cruise missiles. Analysts note that U.S. crude prices currently carry a geopolitical risk premium of $3-$4 per barrel due to these tensions, as highlighted by the director of North Dakota's Mineral Resources Department. Meanwhile, UBS has projected a modest decline in oil prices in the coming weeks, provided that tensions do not escalate further in the Middle East.