On February 27, due to the postponement of US-Iran nuclear talks to next week, concerns about Middle East supply disruptions intensified, and crude oil prices surged by as much as 4%. Brent crude rose 3% to $72.98 per barrel, while West Texas Intermediate (WTI) increased 4% to $67.59 per barrel. Analysts believe that the price increase was driven by an 8-10 USD/bbl rise in geopolitical risk premiums, mainly due to threats of military action and concerns over the potential blockade of the Strait of Hormuz. The Strait of Hormuz is a critical transit point for 20% of global oil supplies. Reports indicate that Saudi Arabia has increased production to mitigate potential market shocks.