"The market is still focused on the tensions between Iran and the US," said Tamas Varga, oil analyst at brokerage PVM. Iran was the third-biggest crude producer in Opec behind Saudi Arabia and Iraq in 2025, according to US Energy Information Administration data. In the energy market, traders are waiting for weekly US oil inventory data from the American Petroleum Institute trade group on Tuesday and the EIA on Wednesday. Analysts forecast US crude stockpiles rose by 0.1 million barrels last week. That compares with an increase of 4.1 million barrels during the same week last year and an average increase of 1.4 million barrels over the past five years (2021-2025).

Source: The Star February 11, 2026 01:20 UTC