Oil Prices Continue Gains as Investors Assess U.S.-Iran Tensions

SadaNews Economy - Oil prices rose during trading on Thursday, February 19, continuing gains of 4% from the previous session, coinciding with investors' evaluation of U.S.-Iran efforts to resolve their dispute.

In terms of trading, Brent crude futures increased by 0.2% to $70.52 per barrel, while U.S. crude contracts rose by 0.3% to $65.39 per barrel.

Both indices had risen by more than 4% at the close on Wednesday, recording their highest levels since January 30, as traders assessed the likelihood of supply disruptions amid concerns of a conflict between the U.S. and Iran.

The White House stated on Wednesday that Iran's talks in Geneva this week had made some progress, but there are still disagreements on some issues, adding that Tehran is expected to return with more details within two weeks.

Despite the ongoing discussions, Iran issued a notice to pilots that it plans to launch missiles in areas of its south today, according to the U.S. Federal Aviation Administration.

On the U.S. side, warships have been deployed near Iran. U.S. Vice President J.D. Vance stated that Washington is considering whether to continue diplomatic engagement with Tehran or seek an "alternative option".

Meanwhile, market sources reported that American Petroleum Institute data indicated crude, gasoline, and distillate inventories in the United States fell last week, contrary to expectations in a Reuters survey that crude inventories would rise by 2.1 million barrels in the week ending February 13.

The U.S. Energy Information Administration is set to release its official reports on oil inventories today.