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WTI crude near 6-month high as US-Iran tensions stoke fresh supply fearsThe head of the UN nuclear watchdog also warned that Iran’s window for a diplomatic deal is narrowing amid a US military build-up.By Bhupendra Paintola  February 19, 2026, 9:16:16 PM IST (Published)2 Min ReadWTI crude oil futures climbed to around $66 per barrel on Thursday, near their highest level since August 4, extending the previous session’s 4.6% surge, as escalating tensions between the US and Iran stoked fresh fears of supply disruptions in the Middle East.

Brent crude futures climbed $1.13, or 1.6%, to $71.48 per barrel at 1418 GMT.

A report by Axios said a major US military operation in the region could begin soon, with Israel pushing for regime change in Tehran. The head of the UN nuclear watchdog also warned that Iran’s window for a diplomatic deal is narrowing amid a US military build-up.

Any escalation threatens oil flows from a region that accounts for roughly one-third of global output, including shipments through the Strait of Hormuz. Supporting prices further, industry data showed US crude inventories fell by 0.61 million barrels last week, partially reversing a 13.4 million-barrel surge recorded in the prior week, the sharpest increase since January 2023.

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Crude oil futures, WTI on CME/NYMEX and Brent on ICE, trade nearly 24 hours a day from Sunday evening to Friday afternoon, with a short daily maintenance break.

As per a Reuters report, the White House said on Wednesday that some progress was made in this week’s Geneva talks, though differences persist. It added that the US expects Iran to return with additional details.

Separately, two days of peace talks between Ukraine and Russia in Geneva ended without a breakthrough. Ukrainian President Volodymyr Zelenskiy accused Moscow of stalling US-mediated efforts to end the four-year war, Reuters reported.Continue ReadingTagscrude oilWTI crude