MW Global oil benchmark hits 6-month high amid fears of U.S.-Iran conflict

By Jamie Chisholm

This handout photo released by Iran's Revolutionary Guards Corps (IRGC)'s official website Sepanews on February 17, 2026, shows boats maneuvering around a tanker vessel during a military exercise by members of the IRGC and navy in the Strait of Hormuz.

Brent crude futures, the global oil benchmark, on Thursday rose above $71 a barrel for the first time since late July, amid fears supplies could be compromised by a U.S. attack on Iran.

The U.S.-traded light sweet crude futures contract (CL00) rose 1.4% to $66 a barrel as the Brent contract (BRN00) gained ground.

Ole Hansen, head of commodity strategy at Saxo, said "at the center of market anxiety sits the Strait of Hormuz, one of the world's most critical oil transit chokepoints."

Between 19 million and 20 million barrels per day of crude and refined products pass through the narrow waterway, which Iran is deemed easily able to close, and that's nearly one-fifth of global liquids consumption, according to Hansen.

"Reports that any potential U.S. military operation could evolve into a weeks-long campaign, combined with Israeli pressure for an outcome targeting regime change in Tehran, have shifted trader focus from a headline shock to the risk of sustained disruption," Hansen added.

-Jamie Chisholm

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February 19, 2026 06:56 ET (11:56 GMT)

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