Brent crude advances to $71.87/bbl

Crude oil prices edged up to Rs 6,060 per barrel in futures trade following firm spot demand and persistent geopolitical concerns.

Crude oil for March delivery traded higher by Rs 2 or 0.03 per cent at Rs 6,060 per barrel in 5,064 lots. Analysts said increased bets by participants kept crude oil prices elevated in futures trade.

In the international markets, West Texas Intermediate crude oil was trading 0.93 per cent higher at $67.05 per barrel, while Brent crude gained 0.29 per cent to $71.87 per barrel.

Brokerage firm Axis Securities, in a market note, said that crude oil prices climbed above the $66 level for the first time since August 2025, indicating a bullish trend.

It added that oil prices got support from escalating geopolitical tensions between the US and Iran, with the probability of a strike by Washington on Tehran increasing after reports of the deployment of fighter jets and an aircraft carrier to the region.