Oil prices rose and headed for their first weekly gain on Friday, February 20, 2026, on growing concerns that a conflict may erupt between the United States and Iran.
This comes after United States President Donald Trump said Iran will suffer if it does not agree a deal on its nuclear activity in a matter of days.
Brent crude futures rose 33 cents, or 0.5%, to $71.99, while U.S. West Texas Intermediate crude gained 62 cents, or 0.9%, to $67.05 as of 0715 GMT.
“Crude oil prices have edged to six-month highs as concerns over potential supply risks from the Strait of Hormuz keep markets on edge,” said Phillip Nova senior market analyst Priyanka Sachdeva
Trump said on Thursday that “really bad things” would happen if Iran does not come to an agreement regarding a nuclear programme it has said is peaceful but that the U.S. believes is militaristic. Trump set a deadline of 10 to 15 days.
Iran, meanwhile, has planned a joint naval exercise with Russia, a local news agency reported, days after temporarily closing the Strait of Hormuz for military drills.
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The major oil producer lies opposite the oil-rich Arabian Peninsula across the Strait of Hormuz, through which about 20% of global oil supply passes.
Conflict in the area could limit oil supplies entering the global market and push up prices, according to Reuters.
“Market focus has clearly shifted to escalating Middle East tensions after the failure of multiple rounds of U.S.-Iran nuclear talks, even as investors debate whether any actual disruption will materialise,” Sachdeva added.
Also supporting oil prices were reports of falling crude oil stocks and limited exports in the world’s biggest oil producing and exporting countries.
U.S. crude inventories dropped by 9 million barrels, as refining utilisation and exports climbed, an Energy Information Administration report showed on Thursday.
Worries about how interest rates in the United States – the world’s largest oil consumer – could pan out limited oil price gains.
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