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Crude oil futures settle higher amid lingering US-Iran concerns

28 Feb 2026 Evaluate

Crude oil futures settled higher on Friday amid lingering concerns about a military conflict between the U.S. and Iran. Diplomatic efforts between the two countries aimed at easing tensions over Tehran's nuclear program concluded on February 26 without an agreement. Meanwhile, a private report said Venezuela's oil ministry has suspended 19 oil production-sharing contracts with private companies signed under the administration of President Nicolas Maduro. 

Benchmark crude oil futures for April delivery rose $1.81 or 2.78% to settle at $67.02 a barrel on the New York Mercantile Exchange. Brent crude for May delivery added $1.64 or 2.32% to settle at $72.48 a barrel on London's Intercontinental Exchange.  


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