Brent and WTI Up Amid Escalating U.S.-Iran Tensions

Brent and WTI crude oil prices rose early Wednesday amid escalating U.S.-Iran tensions. WTI futures closed at $64.85 per barrel, up 1.39%, while Brent crude traded at $69.69 per barrel, up 1.29%. The API reported U.S. crude oil inventories rose by 13.4 million barrels in the week ending February 6, 2026, more than offsetting a prior-week draw of 11.1 million barrels, contributing to volatility. U.S. and Israeli officials are assessing a potential Trump-Netanyahu meeting, with Netanyahu seeking a deal that would limit Iranian missile programs and end support for groups aligned with Tehran. Reports of possible U.S. action on seized Iranian oil tankers added upward pressure. However, ING commodities strategists caution that such escalatory moves could increase the risk premium and volatility in the market.