What is the crude oil price today?

Brent is around $72.48 per barrel and WTI is near $67.02, up more than 2% on the day after the United States and Iran agreed to extend talks into next week. Traders added a Middle East risk premium and volatility stayed firm.

Why did Brent crude rise today?

Headlines signaled US-Iran talks will continue, raising the chance of supply tensions or sanctions shifts and prompting a risk premium. Some short covering by speculators added fuel. Demand indicators were mixed, but geopolitical uncertainty pulled prices higher while markets awaited the March 1 OPEC+ decision on April output.

Could Brent hit $80 soon?

Barclays said Brent could reach $80 if tensions escalate and supply looks at risk, framing it as an upside scenario rather than a base case. The path depends on US-Iran headlines, OPEC+ policy on March 1, and how quickly inventories draw in coming weeks.

How do crude moves affect India?

India imports most of its crude, so higher prices raise the import bill, can pressure the rupee, and may lift inflation if taxes do not buffer the jump. Upstream energy firms often benefit, while airlines, paints, and refiners face shifting margins based on cracks and pricing power.

Global Market Insights

Crude Oil Price Today, February 28: Brent Rises; Barclays Eyes $80

ByDanny Kontos February 28, 2026February 28, 2026

Crude oil price jumped more than 2% today, with Brent at $72.48 and WTI at $67.02, as US–Iran talks extend into next week and traders add a Middle East risk premium. Barclays said Brent could reach $80 if tensions escalate. OPEC+ meets on March 1 to set April output, a fresh catalyst for volatility. For India, higher crude lifts import costs, can pressure inflation and the rupee, and shapes fuel pricing for refiners. We break down what moved prices and how investors can prepare.