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CommoditiesMediumUpdated•Originally published 19 February 2026•Updated 19 February 2026•

1 min read

WTI Crude Hits $65.70 Amid Escalating US-Iran Tensions and Supply Fears

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.

WTI crude oil prices climbed to approximately $65.70 per barrel during European trading hours on Thursday, extending their recent bullish momentum. The price surge is primarily attributed to heightened supply concerns stemming from escalating geopolitical tensions between the United States and Iran. This follows the commodity's successful break above the $65 threshold, which was initially supported by a significant decline in US inventories. Meanwhile, Brent crude remains firm as it tests resistance levels near $72, while natural gas continues to fluctuate around the $3.00 support mark. Analysts suggest that the current geopolitical climate has become the dominant force driving energy markets higher. Market participants are now closely monitoring for further developments in the Middle East alongside upcoming US energy sector data.

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What changed: WTI prices extended their rally to reach $65.70, with the market specifically identifying US-Iran tensions as the primary geopolitical driver during Thursday's European session.