19.02.202610:11:09UTC+00Brent Crude Oil Rises for 2nd Session

Brent crude oil futures climbed above $71 per barrel on Thursday, approaching their highest level since July 31 and building on a 4.4% surge in the previous session—the strongest single-day advance since late October—amid mounting concerns over a potential US-Iran conflict. Reports suggested that any US military operation would likely unfold as a weeks-long campaign, while Israel’s government has pushed for an outcome geared toward regime change in the Islamic Republic.

Diplomatic contacts have so far yielded no conclusive results. Tehran stated it had reached a “general agreement” with Washington on the framework of a possible nuclear deal. However, US Vice President JD Vance said Iran had failed to meet key American conditions, and President Donald Trump reiterated that the use of military force remained on the table.

On the supply side, industry data showed that US crude inventories declined by 0.61 million barrels last week, partially reversing a 13.4 million-barrel jump the week before—the largest weekly increase since January 2023.