Crude Oil Prices Surge Past $70 Amid US-Iran Tensions; OPEC+ Holds Supply Steady

• Crude oil prices have climbed above $70 per barrel for the first time since September, driven by escalating US-Iran tensions.
• Despite the price surge, OPEC+ is not planning to increase oil supply, with major members like Saudi Arabia and Russia favoring a production freeze until March.
• OPEC+ typically avoids hasty reactions to geopolitical risks, preferring to wait for actual supply disruptions before adjusting strategy.
• The organization had previously increased production to counter US shale oil competition but decided on a Q1 freeze due to weak winter demand.
• Analysts predict a potential global oil surplus post-March, with increased supply from non-OPEC+ countries and a slowdown in demand.

Why It Matters: Crude oil prices are up due to US-Iran tensions, but OPEC+ maintains its supply freeze, eyeing post-March strategy.