Brent crude futures rose $0.73, or 1%, to $73.66 a barrel, while WTI crude rose $0.55, or 0.78%, to $70.38 a barrel. Both rose more than 2% earlier in the session, mainly due to the sudden deterioration of the geopolitical situation.

Earlier on Monday, the two major benchmark oil prices fell more than 1% on media reports that Iran might seek to ease the situation. But the market's short-term optimism has proved to be unsustainable.

On Tuesday, violent explosions and intensive anti-aircraft fire broke out in the Iranian capital, and local media reported that the conflict worsened on the fifth day of local time. At the same time, air raid sirens sounded in Tel Aviv, indicating that the conflict has escalated in both directions.

As the third largest oil producer among OPEC members, Iran's oil supply has an important market share. If the conflict causes exports to stagnate or ports to close, it will have an impact on global markets.

US President Trump called for "all personnel to evacuate Tehran" and said Iran should have signed the nuclear agreement before the Israeli air strikes. He also expressed his belief that the country is more willing to reach an agreement now. The remarks suggest that despite the tense situation, there is still the possibility of diplomatic easing.

However, if diplomatic negotiations succeed and sanctions are lifted, the country's oil exports may increase, thereby offsetting some of the price increases.

According to market surveys, some analysts pointed out that "any agreement on resuming exports may increase crude oil supply and become a factor in future price suppression."

At the same time, OPEC and the OPEC+ consortium, including Russia, said on Monday that the global economy is expected to remain resilient in the second half of 2025, and lowered its expectations for the growth rate of non-member oil supply in 2026.

"OPEC+ maintains a mild optimism on the demand side, while predicting that non-OPEC+ supply will slow down in the later period, which may provide support for the crude oil market."

From the daily chart, the US WTI crude oil price broke through the shock consolidation range since mid-May, and is currently steadily standing on the 20-day and 50-day moving averages, indicating that bullish sentiment has warmed up.

In terms of technical indicators, the RSI index rebounded above 60, and the MACD indicator showed a golden cross trend, indicating that momentum has increased. If it can stabilize above $72.50 in the future, the next pressure level will be $75.80;

The support level below is $70.00 and $68.90. The overall graphic structure shows a short-term bullish trend, but we need to be wary of the high volatility callback risk caused by geopolitical news.