NEW YORK, February 19, 2026, 14:11 (EST) — Regular session
Crude oil prices rose around 2% on Thursday to a six-month high, as traders priced in the risk of supply disruption tied to escalating U.S.-Iran tensions. Brent futures climbed $1.25, or 1.8%, to $71.60 a barrel by 1:29 p.m. EST, while U.S. West Texas Intermediate (WTI) crude rose $1.22, or 1.9%, to $66.41, putting both benchmarks on track for their highest closes since late July and early August. “Geopolitical tensions and the worry that the U.S. is going to strike (Iran) in the near future” have been driving the move, said Andrew Lipow, president of Lipow Oil Associates, after Iran planned naval exercises with Russia and briefly shut the Strait of Hormuz for drills; President Donald Trump said Washington had to make a meaningful deal with Tehran. (Reuters)
The rally matters because the market is suddenly paying up for insurance on Middle East supply, with the Strait of Hormuz back in focus as a choke point for global oil flows. Energy shares moved with crude, with Exxon Mobil and Chevron up about 1% in early U.S. trading. (Barron’s)
Support also came from U.S. inventory data. The Energy Information Administration said U.S. crude inventories fell by 9 million barrels to 419.8 million barrels in the week ended Feb. 13, versus expectations for a 2.1-million-barrel rise, with stocks at the Cushing, Oklahoma, delivery hub down 1.1 million barrels. Total product supplied — a proxy for demand — rose to 21.65 million barrels per day, and refineries ran at 91% of capacity, the highest in a month; UBS analyst Giovanni Staunovo called the report “very bullish,” while Phil Flynn at Price Futures Group said drivers “got their cars out of the snow” as cold weather kept distillate demand firm. (Reuters)
The inventory release landed on Thursday rather than its usual midweek slot, as the U.S. holiday calendar delayed publication by a day. (U.S. Energy Information Administration)
Product supplied is closely watched because it tracks how much fuel leaves primary storage into the market — traders treat it as a rough read on demand when prices are moving fast. Distillates include diesel and heating oil, so winter weather can tighten that part of the barrel quickly.
Outside the U.S., data pointed to tighter Saudi export flows into year-end. Saudi Arabia’s crude exports fell to 6.988 million barrels per day, down from 7.378 million bpd in November and the lowest since September, JODI data showed; output rose to about 10.084 million bpd in December, its highest since April 2023. “Crude oil was used domestically or for refining it into products,” Staunovo said, as the report flagged the drop ahead of a potential shift in OPEC+ supply policy. (Business Recorder)
On the demand side, Asia’s crude imports are on track to hit a record 28.51 million bpd in February, based on Kpler tracking data cited by Reuters. The supplier mix is shifting, with India’s projected March arrivals from Russia sharply lower even as Middle East barrels, including Saudi crude, gain ground. (Reuters)
But the market’s new floor is not guaranteed. Any sign that Washington and Tehran are stepping back from confrontation could unwind the premium, and the U.S. stock draws can flip if refinery runs ease or exports slow.
Wednesday’s surge set the tone. Brent settled up $2.93, or 4.35%, at $70.35, while WTI ended up $2.86, or 4.59%, at $65.19, after a late-session rally tied to fresh talk of a possible strike; political consultancy Eurasia Group put the odds of U.S. strikes against Iran by end-April at 65%, and SEB analyst Bjarne Schieldrop argued a blowout to $150 a barrel would be “the very last thing” Trump wants. (Reuters)
Traders now turn to the next U.S. inventory snapshot, with the EIA’s next weekly report due on Feb. 25, and to fresh signals out of Washington and Tehran that could either cool the risk trade — or keep it alive. (U.S. Energy Information Administration)
