Overview
- Brent and WTI held near recent peaks on Wednesday, trading around $71 and $66 respectively after touching the highest levels since late July and early August.
- A third round of U.S.–Iran talks is scheduled for Thursday in Geneva, and Iran’s foreign minister said a deal is within reach if diplomacy takes priority.
- The EIA reported a 16 million‑barrel weekly build in U.S. crude inventories for the week to Feb. 20, topping the API’s 11.4 million estimate and prompting an intraday reassessment.
- The U.S. State Department began pulling non‑essential staff from its embassy in Beirut, underscoring concern about potential regional conflict that could disrupt supply.
- Energy analysts warned a wider conflict could propel crude toward $90–$100 per barrel, and Reuters reported Iran and China have accelerated talks on anti‑ship cruise missiles.