Oil Prices Reach Six-Month High Amid Geopolitical, Supply Concerns
Global benchmark Brent crude futures climbed to around $72.8 per barrel as of 2000GMT, breaking above the symbolic $70 mark. Brent prices rose 2.65% day-on-day, with a monthly gain of 9.24%. Meanwhile, US West Texas Intermediate (WTI) increased more than 2.49% to settle near $67 per barrel during the final trading session of February 2026.
The surge was driven primarily by escalating tensions between the United States and Iran over nuclear negotiations in Geneva. A surprise drop in US crude inventories further signaled a tightening between global supply and demand.
Investors are also closely watching the upcoming OPEC+ meeting, where member nations are expected to set future production quotas.
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