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Oil prices hold biggest gain since October on concerns regarding Iran conflictWest Texas Intermediate was near $65 a barrel, while Brent crude ended above $70 for the first time over two weeks.By CNBCTV18.com February 19, 2026, 6:46:59 AM IST (Published)2 Min ReadOil prices steadied after their biggest daily gain since October post a report that American military intervention in Iran may come sooner than expected.

West Texas Intermediate was near $65 a barrel, while Brent crude ended above $70 for the first time over two weeks.

Axios reported that any US military operation would likely be a weeks-long campaign and that Israel’s government is pushing for a scenario targeting regime change in the Islamic Republic.

A potential war would put flows at risk from a region that pumps about a third of the world’s oil. However, US President Donald Trump risks angering voters ahead of mid-term elections this year if a spike in crude prices makes gasoline more expensive at the pump.

Talks between the sides so far have been inconclusive, with Tehran saying it reached a “general agreement” with Washington on the terms of a potential nuclear deal and an US official said Iranian negotiators would return to Geneva with a new proposal in two weeks. The US also announced visa restrictions on Iranian officials and executives over a recent crackdown on protests.

Beyond the Middle East, talks to end the war in Ukraine ended after barely 90 minutes with little clarity. OPEC+ member Russia has seen a slowdown in drilling that may see oil production fall further.

With inputs from Bloomberg

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