Oil prices hit 6-month high amid supply fears

ISTANBUL

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.