HOUSTON: Oil prices rose by more than 3 per cent on Wednesday as traders priced in potential supply disruptions amid concerns of conflict between the United States and Iran, and after talks between Ukraine and Russia in Geneva ended without a breakthrough.

Brent crude oil futures were up $2.38, or 3.53pc, at $69.80 a barrel at 12:09pm EDT, while US West Texas Intermediate (WTI) crude futures gained $2.39, or 3.83pc, to $64.72. Both contracts fell to two-week lows on Tuesday.

“The big moves in oil prices today are being solely driven by geopolitics, they continue to react to headlines with respect to meetings between the US and Iran, and Russia and Ukraine,” said Andrew Lipow, president of Lipow Oil Associates.

“The oil market is pricing in additional risk of a supply disruption,” he added.

Oil’s drop on Tuesday followed hopes that tensions between the US and Iran were easing after Iran’s foreign minister said the countries had reached an understanding on the main guiding principles of their nuclear talks.

Published in Dawn, February 19th, 2026