US Crude Oil Futures Settle at $84.91/bbl, Advancing $1.68 or 2.02%
US crude oil futures settled at $84.91 per barrel, advancing $1.68 or 2.02% in the latest session, continuing a sustained recovery from multi-session lows near $68.55 per barrel. The price gains are underpinned by renewed geopolitical risk concerns following US strikes against Iran, which reversed earlier declines triggered by a temporary US-Iran agreement that had raised prospects of increased Iranian crude supply.
*this image is generated using AI for illustrative purposes only.
US crude oil futures settled at $84.91 per barrel, advancing $1.68 or 2.02% in the latest session. This move extends a sustained multi-session recovery that has pushed prices well above recent lows near $68.55 per barrel, driven largely by renewed geopolitical risk concerns surrounding US-Iran tensions.
Latest Session Performance
The table below outlines the key price metrics recorded across recent sessions for US crude oil futures:
| Metric: | Latest Session | Session -1 | Session -2 | Session -3 | Session -4 | Session -5 | Session -6 | Session -7 | Session -8 | Session -9 | Session -10 | Session -11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Settlement Price: | $84.91/bbl | $85.55/bbl | $83.23/bbl | $78.95/bbl | $79.60/bbl | $79.34/bbl | $79.02/bbl | $78.14/bbl | $72.08/bbl | $74.68/bbl | $73.52/bbl | $68.55/bbl |
| Change (Absolute): | +$1.68 | +$2.32 | +$0.74 | -$0.65 | +$0.26 | +$1.20 | — | +$6.73 | -$1.44 | +$1.16 | +$3.08 | -$0.14 |
| Change (%): | +2.02% | +2.79% | +0.90% | -0.82% | +0.33% | +1.54% | >+1% | +9.42% | -1.96% | — | +4.37% | -0.20% |
The latest settlement at $84.91 per barrel reflects a continued advance from the broader recovery trend. Prices remain substantially above the multi-session lows near $68.55 per barrel. The broader price sequence reflects a market that endured sustained downward pressure, staged a sharp recovery driven by geopolitical risk concerns, and has continued to hold elevated levels in recent sessions.
Geopolitical Developments and Market Context
The sustained selloff across both Brent and US crude benchmarks in preceding sessions had been attributed to a temporary agreement reached between the US and Iran to conclude the conflict, which signalled the potential for increased Iranian crude supply entering global markets and exerted downward pressure on oil prices. Brent crude had breached the $80 per barrel threshold during the earlier selloff, with simultaneous weakness across both major benchmarks reflecting a broader reassessment of supply risk premiums. The subsequent recovery was supported by fresh US strikes against Iran, which renewed geopolitical risk concerns. The latest advance to $84.91 per barrel suggests a continued firming of geopolitical risk sentiment, with elevated uncertainty continuing to influence price action in the crude oil market.
How might further escalation in US-Iran tensions impact global supply chains and oil production levels?
What is the likelihood of OPEC+ adjusting production quotas in response to the recent price surge?
Could sustained high oil prices lead to increased demand for alternative energy sources or accelerate energy transition efforts?
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