Oil Prices Reach Six-Month High Amid Geopolitical, Supply Concerns
(MENAFN) Oil prices reached their highest level in six months on Friday as market concerns over supply and geopolitical uncertainty intensified.
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.
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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