By Alex Kozul-Wright

Oil prices were rising early Wednesday, trading at near seven-month highs as investors continue to monitor tensions between the U.S. and Iran.

Brent crude futures were up by 0.2% to $70.7 per barrel. Elsewhere, West Texas Intermediate futures were trading at $65.66, up 0.1% from Tuesday's close.

WTI traded at its highest level since Aug. 4 on Monday, while Brent hit its highest intraday level since July 31 on Thursday, according to Dow Jones data.

Oil-linked stocks were mixed shortly after the bell. Chevron and Exxon were both up 0.3% in early trading, while exploration and production company ConocoPhillips was down 0.5%.

Oil prices have risen as the U.S. repeatedly said that it could attack Iran if the two sides fail to reach an agreement over Tehran's nuclear program.

Representatives from the White House are slated to meet Iranian officials on Thursday for a third round of talks on Thursday in Geneva, Switzerland.

Meanwhile, President Donald Trump mentioned Iran several times in his State of the Union address Tuesday. "I will make peace wherever I can, but I will never hesitate to confront threats to America wherever we must," Trump said.

While geopolitical tensions have provided some support to prices, the market is also grappling with declining inventories in advanced economies. Goldman Sachs recently raised its fourth-quarter 2026 price forecast on lower than expected OECD crude stocks.

Thursday's talks are the next point to watch.

Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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February 25, 2026 10:30 ET (15:30 GMT)

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