Oil prices surged over 4% on February 18–19, 2026, as geopolitical tensions and a temporary partial closure of the Strait of Hormuz for Iranian naval drills fueled supply disruption fears. Precious metals also trended higher as investors sought safe-haven assets.
Brent Crude: Settled at $70.35 per barrel, up 4.35%.
WTI Crude: Closed at $65.19 per barrel, an increase of 4.59%.
Market Drivers:
Strait of Hormuz: Iran's Revolutionary Guard conducted "Smart Control" live-fire drills, causing a brief shutdown of the waterway that handles ~20% of global oil flow.
Military Escalation: Reports of a massive U.S. military buildup in the Middle East and stalled nuclear negotiations in Geneva heightened war fears.
Expert Warning: Analysts suggest a full blockade of the Strait could send prices toward $120–$150 per barrel."