Oil ticked higher on Wednesday as a weaker dollar as well as supply risks stemming from tensions in the Middle East outweighed industry data showing a big rise in stockpiles.
Benchmark Brent crude futures jumped 1.4 percent to $69.75 a barrel while WTI crude futures were up 1.5 percent at $64.94.
The dollar dropped against all of its major peers following the release of weak U.S. retail sales data and ahead of the release of the delayed U.S. jobs report later in the day.
Traders parsed mixed signals on the risks of supply disruptions in the Middle East ahead of a meeting between Israeli Prime Minister Benjamin Netanyahu and U.S. President Donald Trump that would halt Iran’s uranium enrichment.
Tensions between the U.S. and Iran continue to grow, with Trump warning of military strikes if Tehran does not accede to his demands on issues ranging from nuclear enrichment to ballistic missiles.
In comments to the Israeli outlet Channel 12, Trump hinted at aggressive actions if no deal comes together with Iran.
Meanwhile, the American Petroleum Institute (API) estimated that commercial crude oil inventories increased by 13.4 million barrels in the week ending February 6, following the prior week’s draw of 11.1 million barrels.
Gasoline inventories rose by 3.3 million barrels over the same period, while distillate inventories, including diesel and heating oil, fell by two million barrels.
The release of official data from the Energy Information Administration will be in the spotlight later in the day.
Oil Prices Climb Ahead Of Nuclear-focused Talks
2026-02-11 09:47:39
