Saxo Bank

A drone view of a pump jack and drilling rig south of Midland, Texas, U.S. June 11, 2025. (PHOTO: REUTERS/Eli Hartman/File Photo)
Feb 20, 2026

Oil nears six-month highs amid rising US-Iran tensions and supply concerns

Oil prices approach six-month highs as US-Iran tensions escalate and crude inventories fall, supporting a weekly gain despite ongoing supply surplus concerns.