WTI crude oil futures rise above $67 per barrel, up 2.79% intraday.

WTI crude oil futures rise above $67 per barrel, up 2.79% intraday.

WTI Crude Oil Futures Rise Above $67 Per Barrel Amid Geopolitical Uncertainty
As of February 27, 2026, West Texas Intermediate (WTI) crude oil futures have climbed above $67 per barrel, marking an intraday gain of 2.79%. The price surge reflects heightened market sensitivity to geopolitical tensions between the U.S. and Iran, alongside uncertainty surrounding OPEC+ supply decisions.

The immediate catalyst for the rally stems from ongoing diplomatic negotiations between the U.S. and Iran, which traders fear could escalate into military conflict if unresolved. Analysts note that a potential U.S. military intervention might disrupt oil supplies, pushing WTI toward $70 per barrel. Conversely, a diplomatic resolution easing sanctions on Iran could increase oil exports and trigger a selloff, potentially driving prices below recent lows. According to reports, a resumption of supply hikes—estimated at 137,000 barrels per day starting in April—could temper price gains. Saudi Arabia's stance will be critical, as the kingdom balances U.S. pressure to stabilize markets with its own strategic interests.

Technically, WTI has entered a consolidation phase after hitting a yearly high of $67. Traders are monitoring key support levels around $64–$62 per barrel, with a breakdown potentially signaling renewed bearish momentum. The U.S. Energy Information Administration (EIA) forecasts broader downward pressure in 2026, as global oil production is expected to outpace demand, leading to rising inventories. However, short-term geopolitical risks and OPEC+ dynamics remain dominant near-term drivers.

Market participants are closely watching Iran's allies, particularly China, for signals on how regional tensions might escalate or de-escalate. Meanwhile, the CME Group reports robust trading activity in WTI futures and options, underscoring the market's pivotal role in global energy pricing.

With no clear resolution in sight, WTI remains in a wait-and-see mode, poised for sharp swings depending on developments in diplomacy, military posturing, or production policy shifts. Investors are advised to monitor the OPEC+ meeting and U.S.-Iran negotiations for potential catalysts in the coming days.

According to Investing.com analysis: Investing.com
As reported by CME Group: CME Group
According to EIA data: U.S. Energy Information Administration (EIA)