Global oil markets witnessed a notable upward shift today, with prices rebounding driven by a complex mix of geopolitical and economic factors. This rise comes as global markets cautiously await developments in the Iranian nuclear issue, coinciding with ongoing trade uncertainty in the United States.
Details of price movements in global markets
Brent crude futures for April delivery rose slightly by 0.1% to $71.81 a barrel , nearing the psychologically important $72 mark. Similarly, West Texas Intermediate (WTI) crude futures for April delivery also saw gains, rising by approximately 0.15% to settle at $66.58 a barrel .
Geopolitical tensions and nuclear talks
Analysts attribute this price surge primarily to preparations for the third round of nuclear talks between the United States and Iran. These talks are of paramount importance to energy markets, as any diplomatic setback or escalation in political rhetoric could trigger concerns about oil supplies from the Arabian Gulf region. Growing fears of a potential military conflict have weighed on the market, prompting investors to add a "risk premium" to prices, as evidenced by Brent crude's more than 5% jump last week.
The impact of judicial decisions and commercial uncertainty
In addition to geopolitical factors, economic and legal factors also play a significant role in shaping market trends. The "trade uncertainty" that followed a recent US Supreme Court decision has contributed to volatility in investor sentiment. Such decisions typically affect economic growth forecasts and, consequently, projected energy demand in the world's largest economy.
Future outlook for markets
The market remains highly volatile, with prices recently reaching their highest level since July 2025 at $72.34, indicating that the overall trend remains bullish as long as political tensions persist. Experts believe that continued pressure regarding US-Iranian relations will remain the primary driver of prices in the near term, with close monitoring of inventory levels and macroeconomic data.
