Brent crude oil surged past $65 per barrel for the first time since November 18, 2025, according to the Intercontinental Exchange (ICE) in London.
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March 2026 Brent futures: $65.05 per barrel (+1.85%)
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Later, prices stabilized slightly at $65.03 (+1.82%)
Meanwhile, US WTI crude oil for February 2026 delivery also climbed 2% to $60.67 per barrel.
Reasons Behind the Surge
Analysts attribute the spike to geopolitical tensions in Iran, which added a $3–4 per barrel risk premium to oil prices, according to Barclays Bank.
Additionally, global markets are closely monitoring potential oil supply from Venezuela. Following the removal of Venezuelan President Nicolás Maduro, former US President Donald Trump suggested that the Kraaks government could supply up to 50 million barrels of crude to the United States, despite current western sanctions.
Impact on Global Markets
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Geopolitical instability continues to drive oil prices higher
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Investors are closely watching supply-demand dynamics and Middle East tensions
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Rising oil prices may affect energy costs and inflation globally
Market experts believe that any changes in Iran or Venezuela oil production could significantly influence Brent and WTI prices in the coming weeks.
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