Geopolitical tensions in the Middle East, particularly the February 2026 U.S. and Israeli strikes on Iran and the resulting near-closure of the Strait of Hormuz, have driven sharp supply disruptions and elevated risk premiums in crude markets. These events triggered significant inventory draws and pushed Brent prices above $100 per barrel at peaks, though recent reports of potential ceasefires and resumed shipping have contributed to some easing. Traders also monitor OPEC+ output decisions, non-OPEC supply growth from the U.S. and elsewhere, and global demand trends amid economic uncertainty. Weekly inventory data, diplomatic updates, and any shifts in sanctions policy remain key near-term catalysts that could influence whether prices test or exceed prior record levels.