19-Feb-2026 13:49

WTI crude oil futures traded above $65 per barrel on Thursday, holding onto the strongest rally since late October after surging more than 4% in the previous session. Support came from signs of tightening US supply, with industry data showing crude inventories fell by 0.61 million barrels last week, partially reversing the sharp build seen earlier. Geopolitical risk also remained firmly in focus as negotiations between the US and Iran continued without a clear breakthrough, despite Tehran citing a 'general agreement' on the framework of a potential nuclear deal. Meanwhile, the dollar index hovered near 97.5 after a sharp rise in the prior session, underpinned by strong US economic data and hawkish signals from the Federal Reserve. Minutes from the Fed's latest meeting highlighted divisions among policymakers and kept the option of further rate hikes on the table should inflation remain elevated, adding to broader market uncertainty.

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