WTI and Brent Oil Rise Near Six-Month High as Markets Weigh US-Iran Talks

Crude oil rose to $66.95/barrel, rising from the day before and up sharply over past month. Prices are still below last year's levels. Markets are reacting to US-Iran talks, potential global tariff hikes and risks to suppliers near Strait of Hormuz.

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Crude oil price on February 23 rises on market support

Crude oil prices rose to $66.95 per barrel in the United States on February 23, 2026, up 0.71% from the previous day, according to Trading Economics. This increase follows recent gains that have lifted crude’s price by 10.43% over the past month, even though it remains 5.30% lower than a year ago, based on trading in a contract for difference (CFD) tied to the global benchmark. Historically, crude oil reached an all-time high of $410.45 in December 2025, a record price.

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Geopolitical tensions and trade policies influence prices

On global markets, West Texas Intermediate (WTI) crude held near $66.5 per barrel, close to a six-month high, as investors weighed the prospects of a US–Iran nuclear deal and possible tariffs affecting global growth. Reports said the United States and Iran are preparing for further diplomatic talks, which have eased fears of a military escalation. However, markets are still cautious because any disruption to supplies through the Strait of Hormuz could quickly push oil prices higher.

At the same time, US President Donald Trump plans to increase global tariffs to 15%, following a Supreme Court decision that rejected a prior tariff programme. This has added uncertainty about the world’s economic growth, which in turn could dampen fuel demand. The mix of diplomatic progress and economic risk has kept traders focused on oil’s next moves.

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Oil's role in inflation and economies

Oil prices have been a strong factor in keeping inflation lower in the United States and around the world in recent years. As prices rise, this “disinflationary” effect is weakening. In fact, some analysts say that oil’s impact on inflation could soon switch from pushing prices down to pushing them up if crude stays elevated. Higher oil costs increase the price of making and moving goods, which can raise the cost of living and influence decisions by central banks like the Federal Reserve on interest rates.

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Market reactions and demand outlook

Recent price behaviour shows that oil markets are sensitive to news about supply risks, tariffs, and growth outlooks. While geopolitical tensions have lifted prices over the past weeks, easing conflict fears and trade uncertainty have also seen prices ease slightly in some sessions. Traders and analysts continue to watch upcoming diplomatic talks and economic signals for clearer direction.