2 hours ago
By CNBCTV18.com February 11, 2026, 6:44:31 AM IST (Published)
Oil prices rose as Middle East tensions focused on Iran outweighed a US industry report which pointed to a big increase in stockpiles.
West Texas Intermediate gained above $64 a barrel after it ended slightly lower on Tuesday and Brent was near $69.
Traders assessed a slew of reports, including one that the US was considering seizing tankers with Iranian crude, and a second that another aircraft carrier strike group could be sent to the region should negotiations over Iran’s nuclear program fail.
In the US, meanwhile, the American Petroleum Industry reported inventories swelled by 13.4 million barrels last week. If confirmed by official data, that would be the largest jump in barrel terms since November 2023.
Crude has advanced more than 10% this year supported by geopolitical tensions, including the latest US drive to reach a deal on Iran’s nuclear program. While initial talks have been positive, traders are concerned that a failure to reach an agreement may lead to US strikes against Tehran, potentially jeopardizing oil flows from the OPEC member or drawing Iranian retaliation.
US President Donald Trump has said that the leadership in Tehran “want to make a deal. I think they’d be foolish if they didn’t,” according to remarks to Fox Business. The US leader is due later Wednesday to meet with Israeli Prime Minister Benjamin Netanyahu at the White House to discuss the situation.
Crude traders will also look later in the session to a monthly report from OPEC on the outlook for the global market. That will be followed on Thursday by an analysis from the Energy Agency, which has been warning that there’ll be a major surplus this year as supply runs ahead of demand.
With inputs from Bloomberg
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