Crude oil futures traded higher on Thursday morning as markets continued to focus on US-Iran tensions with market players concerned that any military action could pose a risk to oil supplies.
At 9.56 am on Thursday, April Brent oil futures were at $69.76, up by 0.52 per cent, and March crude oil futures on WTI were at $65.03, up by 0.62 per cent. On Multi Commodity Exchange (MCX), February crude oil futures were trading at ₹5,888 during the initial hour against the previous close of ₹5,896, down by 0.14 per cent, while March futures were trading at ₹5,901 against the previous close of ₹5,907, down by 0.10 per cent.
US President Donald Trump warned Iran of a possible military action, if it fails to agree to a deal with US.
In a post on the social media platform Truth Social, he said: “I have just finished meeting with Prime Minister Netanyahu, of Israel, and various of his Representatives. It was a very good meeting, the tremendous relationship between our two Countries continues. There was nothing definitive reached other than I insisted that negotiations with Iran continue to see whether or not a Deal can be consummated. If it can, I let the Prime Minister know that will be a preference. If it cannot, we will just have to see what the outcome will be. Last time Iran decided that they were better off not making a Deal, and they were hit with Midnight Hammer — That did not work well for them. Hopefully this time they will be more reasonable and responsible.”
Meanwhile, the latest data showed an increase in US crude oil inventories for the week ending February 6. According to the US EIA (Energy Information Administration), US commercial crude oil inventories increased by 8.5 million barrels for the week ending February 6.
Total motor gasoline inventories increased by 1.2 million barrels from last week, and distillate fuel inventories decreased by 2.7 million barrels last week.
Total products supplied in the US over the last four-week period averaged 20.8 million barrels per day, 2.4 per cent above the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.3 million barrels per day, 0.7 per cent below the same period last year. Distillate fuel product supplied averaged 4.1 million barrels per day over the past four weeks, down by 3.2 per cent from the same period last year. Jet fuel product supplied was down 2.3 per cent compared with the same four-week period last year.
Organization of the Petroleum Exporting Countries’ (OPEC) February oil market report said global oil demand growth forecast for 2026 remains at a healthy 1.4 million barrels a day, y-o-y, unchanged from the previous month’s assessment. Oil demand growth is expected to be supported by strong air travel demand and healthy road mobility, including on-road diesel and trucking, as well as healthy industrial, construction, and agricultural activities in non-OECD countries.
It said that global oil demand growth in 2027 is forecast to grow by a healthy 1.3 million barrels a day, year-on-year, unchanged from the previous month’s assessment.
February natural gas futures were trading at ₹292.80 on MCX during the initial hour of trading on Thursday against the previous close of ₹288.50, up by 1.49 per cent.
On the National Commodity and Derivatives Exchange (NCDEX), March jeera contracts were trading at ₹23,080 during the initial hour against the previous close of ₹22,995, up by 0.37 per cent.
March castorseed futures were trading at ₹6,464 on NCDEX during the initial hour against the previous close of ₹6,445, up by 0.29 per cent.
Published on February 12, 2026