Oil nears six-month high as U.S.-Iran conflict fears intensify

By Tahani Elghazaly
Published February 19, 2026

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Oil prices climbed about 2% on Thursday, February 19, 2026, hitting their highest levels in roughly six months as markets priced in rising geopolitical risk and the possibility of a U.S.-Iran military escalation in a key oil-producing region.

Brent futures rose 1.8% to $71.58 a barrel by 1551 GMT, while U.S. West Texas Intermediate gained 2.1% to $66.53. The rally followed a jump of more than 4% in the prior session, putting both benchmarks on track for their strongest closes since late July and early August, respectively.

Reuters reported that heightened military activity helped lift prices, including Iran’s plans for joint naval drills with Russia and a brief closure of the Strait of Hormuz earlier this week during military exercises. Around 20% of global oil supply moves through the strait.

In Washington, President Donald Trump said the U.S. needed a “meaningful deal” with Iran. Reuters also reported the U.S. deployed warships near Iran, while Vice President JD Vance said Washington was weighing whether to continue diplomatic engagement or pursue another option.

On the supply side, JODI data showed Saudi crude exports fell to 6.988 million barrels per day, the lowest since September. Separately, Reuters previously reported OPEC+ was leaning toward resuming output increases from April as it prepares for summer demand.

Prices also drew support from industry data indicating U.S. crude inventories fell last week, ahead of official EIA stockpile figures due later on Thursday.