NEW YORK: Oil prices gained about 1% on Wednesday, as investors worried about escalating tensions between Iran and the US, which were preparing to resume negotiations, while a weekly report showing a large build in US crude inventories limited gains. Brent crude oil futures settled 60 cents, or 0.87%, higher at US$69.40 a barrel. The date and venue of the next round of US-Iran talks have yet to be announced. Also supporting oil prices, US job growth unexpectedly accelerated in January and the unemployment rate fell to 4.3%, the Labor Department said, signaling a healthy economy. Russian oil production edged down around 0.6% in January from December, per the report.

Source: The Star February 11, 2026 23:39 UTC