Crude Oil Prices Explode Near 6-Month High As US-Iran Tensions Escalate; Brent Crude Hits $72, What To Expect?

Crude oil prices witnessed a significant spike as US and Iran tensions escalated. US President Donald Trump has given a 10-day to 15-day timeframe to meet an outcome for nuclear talks with Iran. If that does not happen, he has threatened to destabilize Iran. Meanwhile, the Islamic regime has retaliated with its own warnings of attacking US assets around the region as 'legitimate targets' if the US attacks first. Amidst this, crude oil prices have touched a six-month high.

Brent Crude:

Brent crude futures with April 2026 expiry rose to hit $72.01 per barrel, which is up by 0.5%. The crude is near its day's high of $72.12 per barrel. This is already the highest level of 2026 for Brent as of now.

"The sharp spike in Brent crude to $72 reflects growing fear and uncertainty in markets. President Trump's warning that "Iran has 10 to 15 days to strike a deal or bad things happen " has put the markets on tender hooks," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments.

Crude Oil WTI Futures:

Meanwhile, US WTI futures also surged by 0.5% to trade at $66.70 per ounce, which is near its highest level of 2026 to $66.85 per ounce.

But both Brent Crude and US WTI have neared their six-months high and are headed to record over 5% weekly gains. In a month, crude oil prices have already surged nearly 10% due to talks between US-Iran and the brewing tensions between them.

Adding to bullish momentum in crude oil prices, the latest government data revealed that US crude inventories dropped by 9 million barrels last week, which becomes its steepest draw since early September.

Going ahead, as per Vijayakumar, whether there will be a deal after the standoff, or whether missiles will fly will determine the market behaviour in the near-term.

US-Iran Tensions:

President Donald Trump has announced a deadline for Iran to reach a nuclear agreement. Trump stated that nuclear negotiations will have no more than 10 to 15 days to advance.

But as Trump set a deadline, on the other side, the US simultaneously deployed its largest military buildup in the Middle East since the Iraq invasion in 2003, which as per Trading Economics, raises the prospect of a broader and more sustained operation than last June's overnight strike on Iran's nuclear facilities. The move has heightened the risk of supply disruptions, with investors concerned that a US-Iran conflict could prompt Iran to restrict traffic through the Strait of Hormuz, a critical corridor for crude exports from the region.

Crude Oil Prices Prediction:

As per Ponmudi R, CEO of Enrich Money, USOIL has extended its sharp rebound from the 61.80-62.00 demand zone, supported by strong momentum buying and short covering. The rally has produced a clear sequence of higher highs and higher lows, signaling strengthening short-term trend structure. Price has now broken above the prior 65.40 resistance and is consolidating near the 66.40-66.70 zone, which marks an immediate supply area. A sustained move above 66.70 could accelerate upside momentum toward 67.20-68.00 in the near term. On the downside, immediate support is seen at 65.40 (previous breakout level), followed by 64.70.

As long as prices hold above 65.40, the bias remains buy-on-dips with positive momentum. A break back below 64.70 would signal loss of strength and could trigger a deeper pullback toward 63.80-63.00. Overall structure remains bullish, with continuation favored above key breakout supports.

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