Crude oil prices exceed $70 amid escalating tensions between the US and Iran
Global crude oil prices continue to rise amid a sharp escalation in tensions between the US and Iran, increasing concerns about potential supply disruptions. As of February 19, Brent crude prices exceeded $71 per barrel, while US WTI crude climbed to nearly $66 per barrel. In just one day, prices surged by more than 4%, marking the largest jump since October 2025.
The main driver behind the increase has been heightened military activity in the Persian Gulf region. The US has deployed warships near Iran, while Tehran announced missile exercises and temporarily restricted movement in the Strait of Hormuz — a critical route through which about 20% of global oil supplies are transported. The market is reacting to the risk that even a short-term conflict could disrupt global supply chains.
Analysts note that even without an actual war, the mere threat of military confrontation is adding a risk premium to oil prices. Investors are concerned not only about potential reductions in Iranian oil exports but also about possible supply disruptions from other countries in the region, as any escalation could affect shipping through the Strait of Hormuz.
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