Benchmark crude oil prices jumped $10 per barrel in January as supply disruptions tightened physical markets and escalating tensions between Iran and the United States

heightened geopolitical risk.

Although prices briefly eased in early February amid reports of progress in de-escalation talks, they rebounded after Washington warned vessels to avoid Iranian waters while transiting the Strait of Hormuz. At the time of writing, ICE Brent futures were trading near $70 per barrel.