Oil prices near six-month highs
Oil prices rose on Thursday (February 19), approaching a six-month high, as concerns mounted about a potential military conflict between the United States and Iran. Both sides have reportedly increased military activity in the Middle East—a region central to global energy production and distribution.
Brent futures rose $1.13 (1.6%) to $71.48/barrel at 14:18 GMT, while WTI gained $1.16 (1.8%) to $66.35/barrel. After surging more than 4% on Wednesday, Brent held near its highest level since August of last year, while WTI hit a six-month peak.
This latest rise underscores the growing geopolitical risk premium, as markets assess the world's most vital energy route as being once again in close proximity to potential escalation. About 20% of global oil supply passes through the Strait of Hormuz near Iran—so even a minor disruption could have a significant impact on price sentiment.
Iranian state media reported that the Strait of Hormuz was closed for several hours on Tuesday for military exercises, without specifying whether the waterway had fully returned to normal. Iran was also said to be planning naval exercises with Russia, while a notice of aviation warning (NOTAM) indicated a planned rocket launch in southern Iran on Thursday.
Meanwhile, the US deployed warships near Iran. US Vice President JD Vance stated that Washington was considering whether to continue diplomacy with Tehran or pursue "other options"—comments that kept the market on edge and kept oil prices hovering near recent peaks.
Source: Newsmaker.id
