Crude Oil Prices Steady After Recent Surge

Crude oil prices have stabilized after spiking to six-month highs amid U.S.-Iran tensions.

Published on Mar. 2, 2026

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Crude oil prices are trading relatively flat on Friday, following a recent surge to six-month highs. The price of crude oil for April delivery was last seen at $66.45 a barrel, up slightly from the previous session. The choppy trading comes as oil prices have spiked due to concerns over a potential military conflict between the U.S. and Iran, with President Trump hinting at a limited strike against Iran over its nuclear program.

Why it matters

Fluctuations in crude oil prices can have significant impacts on the global economy, affecting everything from energy costs to inflation. The potential for military conflict between the U.S. and Iran is a major geopolitical risk that could further disrupt global oil supplies and markets.

The details

After failing to reach a new nuclear deal, the U.S. has set a 10-15 day deadline for Iran to agree to terms or face potential military action. In response, Iran has warned that U.S. bases in the Middle East could be targeted if Washington attacks. Meanwhile, the U.S. is pushing its allies, including India, to reduce their purchases of Russian oil amid the ongoing Ukraine conflict.

  • Crude oil prices for April delivery were last seen trading at $66.45 a barrel on Friday, February 20, 2026.
  • Over the previous two trading sessions, crude oil prices had surged to six-month highs.

The players

Donald Trump

The President of the United States, who has threatened a limited military strike against Iran over its nuclear program.

Keir Starmer

The Prime Minister of the United Kingdom, who has reportedly blocked a request from President Trump to allow U.S. forces to use U.K. air bases during any pre-emptive attack on Iran.

Sergio Gor

The U.S. Ambassador to India, who has said that the U.S. does not want any country buying Russian oil and that discussions are underway with India over potential imports of Venezuelan crude.

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What they’re saying

“I was 'considering' a limited military strike to pressure Iran over its nuclear program.”

— Donald Trump, President of the United States (White House)

“U.S. bases in the Middle East could be 'legitimate targets' if Washington attacks.”

— Iran (Media reports)

“The United States doesn't want anyone buying Russian oil and President Trump 'has been clear on this'.”

— Sergio Gor, U.S. Ambassador to India (Media reports)

What’s next

The U.S. has set a 10-15 day deadline for Iran to agree to a new nuclear deal, after which it may consider military action. The outcome of these negotiations could have a significant impact on global oil prices and markets.

The takeaway

Geopolitical tensions between the U.S. and Iran continue to be a major driver of volatility in global crude oil markets. The potential for military conflict and disruptions to oil supplies remains a significant risk factor that investors and policymakers will need to closely monitor in the coming weeks.