On March 18, oil prices surged more than 4%, reflecting concerns over potential supply disruptions stemming from escalating tensions between the U.S. and Iran, coupled with the lack of progress in negotiations between Ukraine and Russia in Geneva. The Brent crude futures rose by $2.81 to $70.23 a barrel, and West Texas Intermediate (WTI) futures climbed by $2.78 to $65.11 a barrel. Both oil contracts had hit two-week lows the previous day, indicating increased volatility in the market. Industry experts like Andrew Lipow, president of Lipow Oil Associates, noted that the current price movements are largely driven by geopolitical events, emphasizing the market's sensitivity to headlines about U.S.-Iran meetings and Russia-Ukraine talks. The fear of a potential supply interruption is causing traders to adjust their pricing strategies based on these developments. The overall oil market remains precarious, with fluctuations linked to global geopolitical dynamics. As markets react to international tensions, the implications of these price hikes could resonate through various sectors, particularly in energy-dependent economies, raising concerns about inflation and economic stability.