Brent and WTI Crude Steady Near Top Levels With Geopolitical Risk

Crude oil rose to $66.52 per barrel on February 24, staying near a six-month high as markets track US–Iran tensions and supply risks. Prices have gained 9.71% in a month but remain lower than last year. Brent crude has crossed $70. 

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Crude oil price rises on February 24

Crude oil climbed to $66.52 per barrel on February 24, 2026, up 0.31% from the previous day, based on a contract for difference (CFD) that tracks the benchmark market, according to Trading Economics. Over the past month, prices have increased 9.71%, though they remain 3.50% lower than a year ago. Historically, crude oil touched an all-time high of $410.45 in December 2025.

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Prices stay near six-month high

WTI crude futures stayed around $66.3 per barrel on Tuesday, close to a six-month high. Markets are closely watching fresh talks between the United States and Iran. US President Donald Trump said he prefers an agreement with Iran but warned of serious consequences if a nuclear deal fails. Concerns about a possible military conflict in the Middle East and supply disruptions have supported prices in recent weeks.

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Trade tensions and supply risks support oil

Oil markets are also reacting to new global trade risks after a 10% US tariff came into force. These tensions, along with fears of disruptions in oil supply, have offset expectations of a large oil surplus this year. Analysts say uncertainty in global trade and geopolitics is keeping prices firm despite mixed economic signals.

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Brent crude crosses key levels

Brent crude has already crossed $70 per barrel, reaching nearly $72 on February 23 after rising steadily since February 20. Analysts estimate that if Iran’s oil exports were fully removed from global supply starting February, Brent crude could average $71 per barrel in the second quarter of 2026. If the disruption continues through the year, prices may reach $91 per barrel by the fourth quarter of 2026, according to a Bloomberg estimate.

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Possible impact on India

Experts say any military escalation in West Asia could significantly affect India. Higher crude prices would increase costs in oil-linked sectors such as specialty chemicals, paints, petrochemicals and synthetic textiles. Since India imports a large share of its crude oil, rising prices could also affect fuel costs and inflation in the country.