WTI Crude Near $65 as US-Iran Tensions Rise, But Inventories Cap Gains

Crude Oil Price in US on February 12 fell to $64.39 per barrel, down 0.38% daily but up 5.29% over the past month. WTI crude hovered near $65, close to a five-month high, supported by US-Iran tensions.

Crude oil slips to $64.39 as markets track US-Iran tensions

Crude Oil fell to 64.39 US dollars per barrel on February 12, 2026. The price was down 0.38 per cent compared to the previous day, according to Trading Economics.

Even though prices dipped on the day, crude oil has risen over the past month. In the last 30 days, the price has increased by 5.29 per cent. However, when compared with the same time last year, crude oil remains 9.69 per cent lower.

The latest figures show that the oil market is moving in different directions at the same time. Short-term gains and losses are happening even as long-term trends remain weak.

Historic high reached in December

Crude oil reached an all-time high of 410.45 in December 2025. That record level stands far above current prices. The sharp difference shows how much the market has changed in recent months.

Oil prices can move quickly due to many factors. These include political tensions, supply levels, demand forecasts, and economic data. The high reached in December reflected very strong market pressure at that time.

Now, prices are much lower, even though some upward pressure remains.

WTI crude moves toward $65

WTI crude oil futures rose toward 65 dollars per barrel on Thursday. This move extended gains from previous trading sessions. The price is now hovering near an almost five-month high.

Futures contracts allow traders to agree on a price for oil at a future date. When futures rise, it often signals that traders expect supply concerns or stronger demand ahead.

The current rise is linked mainly to geopolitical tensions involving the United States and Iran.

US-Iran tensions keep traders alert

Markets are closely watching the situation between the US and Iran. President Donald Trump has signalled that he wants to secure an agreement with Tehran. This followed regional talks with Israeli Prime Minister Benjamin Netanyahu.

Despite these signals of diplomacy, traders remain worried. There are concerns about possible military action in the region. Any conflict could disrupt oil supplies from the Middle East, which is a key oil-producing area.

When supply is at risk, prices often move higher because buyers fear shortages. This fear can push prices up even before any actual disruption happens.

US crude inventories surge

While geopolitical tension is supporting prices, other data is limiting gains.

The US Energy Information Administration, or EIA, reported that crude oil inventories in the United States rose sharply last week. Stocks increased by 8.5 million barrels. This brought total inventory levels to their highest point since late June.

High inventory levels suggest that supply is strong or that demand is not absorbing available oil fast enough. When stockpiles grow, prices can come under pressure because it signals that the market is well supplied.

This large increase in inventories prevented crude prices from rising much further.

OPEC keeps demand outlook steady

The Organisation of the Petroleum Exporting Countries, known as OPEC, kept its demand growth forecasts unchanged.

For 2026, OPEC expects global oil demand to grow by 1.38 million barrels per day. For 2027, it forecasts growth of 1.34 million barrels per day. The group also maintained its outlook for non-OPEC supply.

By keeping forecasts steady, OPEC signalled that it does not see major changes in global oil consumption trends at this time.

Stable demand growth projections can provide some support to prices. However, they also suggest that no sudden surge in demand is expected.

IEA report awaited

The International Energy Agency, or IEA, is set to release its monthly oil market report later today. Traders are waiting closely for this update.

The IEA report may highlight a possible global oil surplus. A surplus means that supply is greater than demand. If confirmed, such a finding could weigh on prices.

Market participants often react strongly to IEA assessments because the agency provides widely followed data and analysis.

Mixed signals shape the market

The oil market is currently influenced by several mixed signals.

On one hand, geopolitical risks involving the US and Iran are keeping prices firm. The fear of supply disruption supports higher prices. On the other hand, rising US inventories and expectations of a possible global surplus are limiting gains.

This balance between supply concerns and strong stock levels is creating cautious trading conditions.

Monthly gains but yearly decline

Over the past month, crude oil prices have climbed more than 5 per cent. This shows that recent sentiment has been more positive.

However, prices are still nearly 10 per cent lower than they were a year ago. This yearly decline highlights that the broader market remains weaker compared to previous periods.

Long-term trends depend on global economic growth, energy demand, production levels, and political stability.

What it means for consumers

Changes in crude oil prices can affect fuel prices, transport costs, and overall inflation. If oil prices continue to rise, petrol and diesel prices may increase in some countries. Higher fuel costs can raise transport expenses, which may then affect food and goods prices.

If prices fall, it can ease pressure on consumers and businesses.

At present, the oil market remains uncertain. Traders are watching diplomatic developments, inventory data, and upcoming reports closely.