New York [US], February 28: Crude oil prices rose significantly on Friday as heightened geopolitical tensions and uncertainty surrounding international diplomatic negotiations fueled a risk premium in energy markets.
According to latest market data, Brent crude futures increased to $72.69 per barrel, a gain of approximately 2.6%. West Texas Intermediate (WTI) crude climbed to $66.94 per barrel, marking a daily rise of roughly 2.7%.
Both benchmarks are trading near their highest levels in seven months. Analysts attribute the surge to cautious market sentiment following reports that a major diplomatic delegation departed recent nuclear talks in Geneva dissatisfied with progress. This uncertainty, coupled with the authorisation for non-emergency personnel to depart specific regional missions, has signaled a spike in regional risk. On a weekly basis, Brent is on track for a gain of approximately 1.6%, while WTI is nearing a weekly rise of 1.7%.
In the metals market, gold extended its rebound for a third consecutive session, pushing back to $5,241 per troy ounce at the time of publishing. The precious metal reached approximately $5,225 earlier today, supported by persistent safe-haven demand. This upward momentum continues to be driven by lingering geopolitical friction and ongoing uncertainty surrounding US trade policy, both of which have kept investors focused on defensive assets.
The broader market now shifts its attention toward Sunday's OPEC+ meeting, where member nations will determine future production policies against a backdrop of global supply concerns and continued regional military deployments.
Source: Emirates News Agency
