Oil prices hit 6-month high amid supply fears

Brent oil price at around $73 per barrel, up 2.65%, WTI at $67

By Gokhan Ergocun

ISTANBUL (AA) - Oil prices surged to their highest level in six months on Friday as geopolitical uncertainty and supply concerns dominated the energy markets.

Global benchmark Brent crude futures climbed to approximately $72.8 per barrel as of 2000GMT, marking a significant technical breakout above the psychological $70 threshold.

The price of Brent oil went up by 2.65% day-on-day on Friday and its monthly increase was at 9.24%.

US West Texas Intermediate (WTI) rose over 2.49% to settle near $67 per barrel during the final trading session of February 2026.

The primary catalyst for the rally is the escalating tension between the US and Iran regarding nuclear negotiations in Geneva.

A surprise contraction in US crude oil inventories signaled a tightening balance between global supply and demand.

Investors also closely monitored the upcoming OPEC+ meeting, where member nations will decide on future production quotas.

Kaynak:

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