Crude oil contracts retreated slightly around midday Friday, as the market consolidated recent sharp gains.
The more-active NYMEX April West Texas Intermediate contract was down about 25cts to $66.15/bbl at about 11:45 a.m. ET. The March WTI contract was lower by the similar amount at $66.20/bbl during its last trading session before expiration.
The ICE April Brent crude contract was trading about 30cts lower at $71.35/bbl and May Brent was also down 30cts to $71.00/bbl.
For the week, both oil benchmarks are on track to finish $3-4/bbl higher despite Friday's slight decline. Price gains have been driven by heightened Middle East supply concerns related to a possible U.S. military strike on Iran.
The April ULSD contract was 1.10ct lower at $2.4965/gal and March ULSD was off 0.2ct to $2.6125/gal. The April RBOB contract was down 0.15ct to $2.2425, and March RBOB was 0.6ct lower at $2.0010/gal.
On Thursday, President Trump told reporters Iran has roughly 10 to 15 days to strike a deal as the U.S. military will soon have a second aircraft carrier within range to launch strikes on the Islamic republic.
The Wall Street Journal reported Thursday Trump is weighing an initial limited strike on Iran to force it to meet his demands for a nuclear deal.
On Thursday, Iran held military drills with Russia near the Strait of Hormuz, a strategic waterway that connects the Persian Gulf to the wider Indian Ocean.
Around a fifth of the world's oil supply passes through the gulf.
"The increasing threat of war in the Middle East and the associated risks to oil supply point to a rising risk premium on the oil price and thus to a higher oil price," Carsten Fritsch, a Commerzbank oil analyst, said in a Friday note.
In the spot market, Pacific Northwest sub-octane gasoline prices fell about 20cts, as the market unwound sharp gains related to maintenance at BP's Olympic Pipeline, the region's main fuel artery. Most other cash products mirrored moves in NYMEX futures.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
Reporting by Frank Tang, ftang@opisnet.com; Editing by Steve Cronin, scronin@opisnet.com
(END) Dow Jones Newswires
February 20, 2026 12:04 ET (17:04 GMT)
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