Oil markets are catching fire right now, and here's what's driving it: geopolitical tensions are simply outweighing the persistent global oversupply issues that have been weighing on prices. Citi just raised its near-term Brent crude target to $70, and their reasoning is pretty straightforward—supply disruption risks. The Iran situation and the Russia–Ukraine conflict keep creating real uncertainty around global oil flows, which traders are pricing in aggressively. Sure, we've got plenty of crude sitting around globally, but when geopolitical risks spike like this, the market gets nervous about actual supply reaching consumers. The bottom line? These price moves reflect how quickly macro risk can shift market dynamics. For anyone paying attention to broader market conditions, this is the kind of backdrop that can influence everything from energy stocks to commodity-linked assets.