Oil prices rose on February 11, 2026, supported by persistent geopolitical risks from fragile US-Iran diplomatic talks and improved demand signals from India.
Brent crude futures climbed 55 cents (0.80%) to $69.35 per barrel by 0356 GMT, while US West Texas Intermediate (WTI) gained 57 cents (0.89%) to $64.53 per barrel.
The gains reversed some prior session softness, with markets absorbing recent surplus while awaiting fresh US inventory data.
Geopolitical Risks Fuel Bullish Sentiment
Escalating tensions in US-Iran relations provided a key risk premium.
Talks held in Oman last week showed some consensus to continue diplomacy, but fragility persists amid ongoing sanctions, tariff threats on Iranian trade, and a heightened US military presence in the region.
Reports of potential US deployment of a second aircraft carrier to the Middle East if negotiations fail dashed hopes for quick resolution.
LSEG analysts noted that oil retains a “bullish tail-risk bid” due to the tenuous talks, Strait of Hormuz concerns, and sanctions pressure.
Iran’s foreign ministry indicated the discussions help gauge US seriousness, yet uncertainty keeps traders cautious.
India Demand and Supply Dynamics Support Prices
Better demand from India contributed to easing surplus concerns.
Indian refiners have shifted away from Russian oil to facilitate a potential trade pact with Washington, increasing purchases from the Middle East and West Africa.
Vortexa analyst Xavier Tang highlighted that mainstream oil on water has normalized, with rising Indian demand likely to keep prices supported near-term. This pivot helps absorb barrels previously in surplus from late 2025.
Markets also eyed upcoming US Energy Information Administration inventory data, with API figures showing a 13.4 million barrel crude build for the week ended February 6, offset by draws in distillates and gasoline.
Overall, the combination of geopolitical tail risks and demand-side strength underpins near-term oil stability amid broader market waiting.