2026-02-25 08:00:00
OIL PRICE: BRENT ABOVE $70, WTI ABOVE $65
REUTERS - Feb 25, 2026 - Oil prices edged higher on Wednesday, as investors weighed the threat of military conflict between the U.S. and Iran that could disrupt supply and a big build in U.S. crude inventories.
Brent futures were up 6 cents at $70.83 per barrel at 0957 GMT. WTI futures rose 4 cents to $65.67 per barrel.
Brent prices reached their highest since July 31 on Friday, while WTI hit its highest since August 4 on Monday, as the U.S. positioned military forces in the Middle East to try to compel Iran to negotiate an end to its nuclear and ballistic missile programme.
An extended conflict could disrupt supplies from Iran, the third-biggest crude producer in the Organization of the Petroleum Exporting Countries, and other countries in the key Middle East producing region.
Supporting oil prices, U.S. President Donald Trump briefly laid out his case for a possible attack on Iran in his State of the Union speech on Tuesday, saying he would not allow a country he described as the world's biggest sponsor of terrorism to have a nuclear weapon.
"This uncertainty means the market will continue to price in a large risk premium and remain sensitive to any fresh developments," ING commodities strategists said on Wednesday.
U.S. envoys Steve Witkoff and Jared Kushner are due to meet an Iranian delegation for a third round of talks on Thursday in Geneva.
Iran's Foreign Minister Abbas Araqchi said on Tuesday that a deal with the U.S. was "within reach, but only if diplomacy is given priority".
"Trump has warned that without a deal, there will be 'very bad consequences'. Whether (Iran's) concessions will meet the U.S.'s 'zero enrichment' red line remains to be seen," Tony Sycamore, IG market analyst, said in a note.
Amid the heightened tensions, Iran has accelerated talks to purchase Chinese anti-ship cruise missiles, according to Reuters sources, which could target the U.S. naval forces that have assembled near the Iranian coast.
While geopolitical tensions have supported prices, the market is also contending with concerns of large inventory gains as global supply exceeds demand.
According to market sources, the American Petroleum Institute late on Tuesday reported a massive increase in U.S. oil stockpiles of 11.43 million barrels in the week ended February 20.
Official U.S. oil inventory reports from the Energy Information Administration are due later on Wednesday.
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Earlier:
2026, February, 20, 17:30:00
OIL PRICE: BRENT ABOVE $71, WTI ABOVE $66
Brent edged down 28 cents, or 0.4%, to $71.38, WTI lost 20 cents, or 0.3%, to $66.23.
2026, February, 18, 08:00:00
OIL PRICE: BRENT ABOVE $68, WTI ABOVE $62
Brent rose 23 cents or 0.34% to $67.65, WTI was up 19 cents or 0.3% at $62.52.
2026, February, 10, 13:30:00
OIL PRICE: BRENT NEAR $69, WTI ABOVE $64
Brent were down 16 cents, or 0.23%, at $68.88, WTI fell 20 cents, or 0.31%, to $64.16.
2026, February, 10, 13:27:00
RUSSIA, CHINA ENERGY STRATEGY
Against a backdrop of intensifying Western economic coercion, renewed attempts to weaponize trade, the slowdown in Russia–China bilateral trade, and the U.S.-India oil narrative curbing India’s imports of Russian energy, as well as visible stress fractures in the global energy system, the Putin-Xi dialogue emerged as a crucial strategic calibration for Russia and China.
2026, February, 10, 13:22:00
GLOBAL OIL GIVE ELECTRICITY
Globally, over 666 million people do not have access to electricity. If those without electricity were a country, they would be the third most populous on earth.
2026, February, 5, 08:00:00
OIL PRICE: BRENT NEAR $68, WTI ABOVE $64
Brent fell $1.44, or 2.07%, to $68.02, WTI fell $1.34 cents, or also 2.06%, to trade at $63.80.
2025, December, 2, 19:35:00
OPEC+ WILL SUSPEND
The eight participating countries reiterated that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner.
2025, October, 8, 06:50:00
OPEC+ PRODUCTION ADJUSTMENT 137 TBD
In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023.