Crude oil futures continued their upward move and ended higher on Thursday amid military conflict between the U.S. and Iran. Oil prices went up as private report stated that U.S. military is ready for potential strikes on Iran as soon as Saturday, but the timeline for any action is likely to extend beyond this weekend. Besides, a report released by the Energy Information Administration (EIA) unexpectedly showed a sharp pullback by crude oil inventories in the U.S. in the week ended February 13, 2026. The EIA said crude oil inventories tumbled by 9.0 million barrels last week after surging by 8.5 million barrels in the previous week.
Benchmark crude oil futures for March delivery surged $1.24 or 1.90% to settle at $66.43 a barrel on the New York Mercantile Exchange. Brent crude for April delivery increased $1.31 or 1.86% to settle at $71.66 a barrel on London's Intercontinental Exchange.
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