On February 20, 2026, oil prices surged to a seven-month high, with Brent crude futures reaching $72 per barrel and WTI crude climbing to $66.74 per barrel. This spike follows a partial and temporary closure of the strategic Strait of Hormuz by Iran during a military drill, marking the first restriction of traffic through the strait since U.S. President Donald Trump's warning last month about potential military action over Iran's nuclear program. The hours-long suspension of traffic has thrust the vital shipping route back into the global spotlight, intensifying concerns over energy security. Despite recent bilateral talks in Geneva, tensions remain high, with Trump setting a 10 to 15-day deadline for Iran to agree to a deal regarding its nuclear activities, warning that 'really bad things' would happen if Tehran does not comply. Analysts express concern that the potential for military conflict could further disrupt oil supplies through this crucial route, responsible for about a third of the world's seaborne oil.