Crude oil futures eyeing $64.75 breakout, targeting $69.80 as OPEC supply fears and Iran tensions fuel bullish momentum in energy markets.

Citi expects the U.S. and Israel to take limited actions against Iran in the near term that avoid an escalatory response to push the country into a deal over its nuclear programme, the bank said in a note on Thursday.

OPEC's oil output fell in December due to lower supply from Iran and Venezuela, which offset an OPEC+ agreement to raise production for the month, a Reuters survey found on Friday. The Organization of the Petroleum Exporting Countries pumped 28.40 million ...

Rampant inflation, a collapsing currency and export restrictions have destabilized Iran's economy and sparked deadly protests.

Oil prices remain stuck in a narrow band even after soaring 15% in January, partly on fears of a fresh U.S. strike on Iran. Tough talk on either side is unlikely to push crude prices much higher, given today's well-supplied market.

Global oil prices eased following US President Donald Trump's recent comments, which signaled a halt to military action against Iran. However, Peter McGuire, CEO of Australia-Trading.com, warned that markets still remain at risk.