Geopolitical tensions compounded by extreme weather conditions fuel the rise in oil prices.

As tensions between the US and Iran escalate due to Trump's continued aggression, he claimed that a large-scale fleet is heading towards Iran, with a greater scale than the fleet previously sent to Venezuela, and oil prices continue to rise from the previous trading day. Ritterbusch consulting company pointed out in a report that the advance of US military equipment towards Iran has injected at least $1-1.5 of geopolitical risk premium into crude oil futures, and the lack of progress in peace agreements between Ukraine and Russia continues to provide background support. The winter storms causing losses in US crude oil production and refinery interruptions seem to be more severe than expected, further exacerbating the short covering.