New York, Feb 18, 2026, 13:49 EST — Regular session Oil jumped more than 3% Wednesday after Iranian state media said sections of the Strait of Hormuz were temporarily closed for military drills, and Fars, a semi-official outlet, reported Iran and Russia plan joint naval exercises Thursday. Russia-Ukraine talks in Geneva didn’t yield progress. Brent crude traded up $2.38, or 3.53%, at $69.80 a barrel as of 12:09 p.m. ET. U.S. West Texas Intermediate added $2.39, or 3.83%, reaching $64.72. “The big moves in oil prices today are being solely driven by geopolitics,” Lipow Oil Associates president Andrew Lipow said. SEB’s Bjarne Schieldrop commented, “Iran has time to negotiate in calmness.”