Oil extends gains after biggest daily jump since October 2025

Oil drilling rigs

Oil prices rose slightly today, Feb. 19, after posting their biggest daily gains since October, following a report suggesting a possible US military intervention in Iran sooner than expected.

Brent crude was trading up 0.14% at $70.45 a barrel, at 09:13 am Makkah time. West Texas Intermediate (WTI) rose 0.23% to $65.33 a barrel.

Axios reported that any US military operation would likely be a campaign lasting for weeks, which supported oil prices because a potential war could jeopardize crude flows from a region that produces about a third of the world's oil.

This move, however, would mean US President Trump risking angering voters ahead of this year's midterm elections, because higher crude prices mean higher gasoline prices at gas stations.

While talks between Tehran and Washington have yet to produce conclusive results, analysts at RBC Capital Markets believe, according to a note, that the failure to resolve key points of contention increases the likelihood of a future military confrontation, Bloomberg reported.