Global oil prices climbed to their highest level in seven months on Tuesday as markets priced in the risk of a military escalation between the United States and Iran.
Both benchmark crude contracts advanced in Asian trading before easing slightly. By 7:40 pm Pakistan Standard Time, U.S. crude was up 0.9 percent at $67 per barrel, while Brent gained 0.76 percent to $72.03 per barrel—hovering near multi-month highs.
Renewed geopolitical tensions have amplified concerns over global trade and economic growth. Investors responded by reducing exposure to risk-sensitive assets and shifting toward traditional safe havens such as gold.
Analysts are increasingly factoring in sharper upside risks. Speaking to Bloomberg Television, Fereidun Fesharaki, Chairman Emeritus of FGE NexantECA, said oil prices in the $90–$100 per barrel range are “within reach” if tensions worsen.
He added that conceding to U.S. demands could weaken Iran’s political position, making a breakdown in talks more likely and raising the risk of a sudden spike in crude prices in the near term.
