Oil prices climbed on Friday as rising geopolitical tensions in the Middle East and stalled peace efforts in the Russia–Ukraine conflict heightened supply concerns, while an unexpected decline in US crude stocks added further support.
International benchmark Brent crude traded at $71.80 per barrel at 9.41 a.m. local time (0641 GMT), up 0.3% from the previous close of $71.60.
US benchmark West Texas Intermediate (WTI) also rose 0.3% to $66.91 per barrel, compared with $66.68 in the prior session.
Price gains were driven by renewed US–Iran tensions, with recent reports indicating the United States has bolstered military assets in the Middle East amid heightened uncertainty over diplomatic talks with Tehran, underscoring risks of broader conflict and potential supply disruption through the Strait of Hormuz.
US President Donald Trump said that the direction of the process regarding Iran would become clear within 10 days, adding, "We must reach a meaningful agreement with Iran, otherwise bad things will happen."
Israeli Prime Minister Benjamin Netanyahu, who reportedly instructed the army and civil defense units to prepare for a potential US strike on Iran, threatened the Tehran administration with "a response they cannot even imagine" in the event of retaliation.
Iran's Permanent Representative to the United Nations, Amir Saeid Iravani, stated, "If subjected to a military attack, Iran will exercise its inherent right of self-defense under Article 51 of the UN Charter and respond decisively and proportionately."
As tensions between Washington and Tehran intensified, concerns over potential disruptions to oil flows through the Strait of Hormuz, a critical chokepoint for global energy trade, also supported prices.
Meanwhile, Ukrainian President Volodymyr Zelenskyy said that trilateral talks between the US, Russia, and Ukraine held in Geneva, Switzerland, yielded more progress on the military front than on the political track.
The lack of a breakthrough in the negotiations weakened hopes for a potential easing of sanctions on Russian energy exports, providing additional support to prices.
- Decline in crude oil inventories
Oil prices were also supported by an unexpected decline in US crude inventories. US commercial crude oil inventories decreased by 2.1% during the week ending Feb. 13, according to data released by the Energy Information Administration (EIA).
Inventories fell by around 9 million barrels to 419.8 million barrels. Market expectations had pointed to an increase of about 1.7 million barrels.
Over the same period, gasoline inventories decreased by around 3.2 million barrels to 255.8 million barrels.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr