Oil Prices Surge to $71.50 Amid Rising US-Iran Tensions

Oil prices climbed sharply to $71.50 per barrel over the past hours, their highest level since late September 2025, as markets rapidly repriced geopolitical risk tied to mounting speculation of imminent US military action against Iran.

Rystad Energy’s Jorge Leon noted that the speed of the price reaction reflects markets viewing US strikes as a real, near-term risk. While a US cold snap has disrupted domestic production and logistics, amplifying upward pressure, analysts emphasize the magnitude of the move points to a renewed geopolitical risk premium.

Oil Prices Surge

Domestic unrest in Iran has eased following a forceful crackdown on protests, but external pressure has intensified. On 28 January, President Donald Trump warned Iran that time was running out to accept a new nuclear deal, stressing that a US naval armada led by the USS Abraham Lincoln was prepared to act “with speed and violence.”

Markets recall precedents: US strikes on Iranian assets last June, ISIS targets in Nigeria in December, and Venezuela’s Maduro extradition. Oil’s $4.3 rise since rumors began mirrors price behavior before last year’s 12-day US-Israel-Iran conflict.

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