Oil Prices Climb as Ukraine Talks Fail and Hormuz Risks Grow

Crude oil prices increased on February 18, 2026, as geopolitical tensions and supply concerns influenced global markets. Oil traded at 64.19 US dollars per barrel, up 2.99% from the previous day. Over the past month, prices rose 6.35%, though they remain 10.97% lower than a year ago, according to Trading Economics.

Data based on contracts for difference (CFD), which track benchmark oil markets, showed strong short-term momentum. Historically, crude oil reached an all-time high of 410.45 in December 2025.

WTI crude oil futures rose about 2% to 63.7 dollars per barrel, recovering from a 0.9% fall in the previous session. The rebound came as global political risks increased and traders assessed supply disruptions and demand outlook.

Markets are now closely watching US oil inventory data. The American Petroleum Institute report is due Wednesday, followed by official data from the Energy Information Administration on Thursday. Analysts expect US crude stockpiles to have increased last week, while distillate and petrol inventories likely declined.

Oil prices reacted strongly after peace talks between Volodymyr Zelenskiy and Russian representatives in Geneva ended abruptly after two hours.

Zelenskiy described discussions as difficult and accused Russia of delaying progress. Russian negotiator Vladimir Medinsky called the talks business-like and suggested another round may follow.

The uncertainty raised concerns about ongoing conflict risks affecting global energy supply.

Additional pressure on oil markets came from developments involving Iran. Iranian and Russian naval drills in the Sea of Oman and northern Indian Ocean heightened supply concerns.

Iran temporarily shut parts of the Strait of Hormuz for security precautions during military exercises. The strait is a key global oil shipping route. Iranian Foreign Minister Abbas Araqchi said recent talks with the United States produced guiding principles but not a final deal.

Analysts noted that any disruption in exports through the Strait of Hormuz could push oil prices sharply higher.

Despite recent gains, oil remains below last year’s level. Investors are balancing supply risks, geopolitical tensions and economic indicators. The next direction for prices will depend on inventory data, diplomatic developments and global demand trends.