Oil Prices Climb as US-Iran Talks Stay Uncertain, Inventories Jump Sharply

Crude oil rose to 65.42 US dollars per barrel on February 11, 2026. This marked a 2.29% increase from the previous day. Over the past month, prices have climbed by 9.96%. However, compared with the same time last year, crude oil is still 8.33% lower, according to Trading Economics.

The data is based on trading in a contract for difference (CFD), which tracks the benchmark market for crude oil. Historically, crude oil reached an all-time high of 410.45 in December 2025. The latest figures were updated on February 11, 2026.

WTI crude oil futures also rose above $64 per barrel on Wednesday. This reversed losses seen in the previous trading session. The rise was mainly supported by ongoing tensions between the United States and Iran.

Reports suggest that Washington may consider intercepting tankers carrying Iranian crude oil. There are also discussions about deploying an additional aircraft carrier strike group to the Middle East if talks over Iran’s nuclear programme fail.

US-Iran talks keep traders cautious

Last week’s initial talks between the US and Iran were described as positive. However, traders remain cautious. There are concerns that if negotiations collapse, it could lead to US military strikes on Tehran. Such action could disrupt Iranian oil supplies or trigger retaliation in the region.

Iran’s foreign ministry spokesperson said that recent talks helped Tehran understand Washington’s position and showed enough agreement to continue discussions. At the same time, US President Donald Trump said he is considering sending a second aircraft carrier to the Middle East, even as both sides prepare to resume negotiations.

Analysts say that while strong language continues from both sides, there are no clear signs yet of immediate escalation.

Limiting further gains in oil prices was a US industry report showing a large increase in crude inventories. Stockpiles rose by 13.4 million barrels last week. If confirmed by official data, this would be the biggest weekly increase since November 2023.

Higher stock levels usually suggest weaker demand or oversupply, which can pressure prices.

OPEC and IEA outlook in focus

Investors are also waiting for OPEC’s monthly market outlook. This will be followed by an assessment from the International Energy Agency (IEA). The IEA has already warned that global oil supply may outpace demand this year, which could create a sizeable surplus.

A slightly weaker US dollar also helped support oil prices. When the dollar falls, crude oil becomes cheaper for buyers using other currencies, which can boost demand.

UBS oil analyst Giovanni Staunovo said ongoing Middle East tensions continue to support prices, even though there has been no actual supply disruption so far.

The oil market now remains sensitive to both political developments and supply data.