Brent crude oil fluctuated around $69 a barrel on Tuesday, February 11, 2026, as tensions between the United States and Iran persisted despite recent progress in negotiations, according to reports from Trading Economics.
The price of oil rose, supported by escalating tensions in the Middle East focused on Iran, even as a U.S. Industry report indicated a substantial increase in inventories. Brent crude surpassed $69 a barrel, recovering from a slight decline in the previous session, while West Texas Intermediate (WTI) crude traded near $64, reported Al Eqt on February 11, 2026.
Traders assessed a series of reports, including one suggesting the United States is considering seizing tankers carrying Iranian oil, and another indicating the potential deployment of an additional aircraft carrier group to the region should negotiations regarding Iran’s nuclear program fail. The possibility of seizing Iranian oil tankers was reported by multiple sources, including Asharq Business, which noted the price of oil was fluctuating between gains and losses as the market focused on Iranian risks.
The U.S. Energy Information Administration (EIA) reported a significant increase in domestic crude oil inventories, with the American Petroleum Institute (API) reporting a rise of 13.4 million barrels during the past week. Confirmation of this increase by official data would represent the largest weekly increase since November 2023, according to Al Eqt.
Iran is the fifth-largest producer of crude oil within the OPEC+ alliance, with a production level of approximately 3.3 million barrels per day. According to a report by Bloomberg Novel Energy Finance, without developments regarding Iran, the average price of Brent crude is expected to fall to $55 a barrel in 2026. However, if the confrontation escalates and Iranian oil exports are completely halted, prices could rise to $72 a barrel, as reported by Al Arabiya on January 29, 2026.
Recent talks between the United States and Iran in Oman allowed Tehran to assess the seriousness of Washington’s intentions and demonstrated sufficient consensus to continue diplomatic efforts, according to Iran’s Foreign Ministry, as reported by AJ Net on February 12, 2026. Ali Shamkhani, an advisor to Iran’s Supreme Leader Ali Khamenei, stated that the country’s missile capabilities are a “red line” and are not open for negotiation. U.S. President Donald Trump, in an interview with Fox Business, indicated that Iran “wants to craft a deal and it would be foolish not to pursue it.”
Brent crude had previously surpassed $70 a barrel for the first time since July 2025, driven by concerns over potential conflict, according to Al Arabiya.
