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CommoditiesMedium•12 February 2026•

1 min read

Brent Crude Nears $70 as Supply Risks Outweigh US Inventory Build

Digital illustration of oil market dynamics with US and Iran maps, oil rigs, refineries, price charts, and a rising green arrow, with oil barrels in the foreground.

ICE Brent crude oil prices are showing strong support, with analysts from ING suggesting a potential return to the $70 per barrel level. This upward momentum is primarily driven by persistent geopolitical uncertainties surrounding Iranian oil supply. Furthermore, ongoing production cuts by OPEC+ members continue to tighten global crude markets. These supply-side risks are effectively offsetting the impact of a significant build in US oil inventories. ING analysts Warren Patterson and Ewa Manthey highlight that these factors collectively create a bullish outlook for crude prices.

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