Eseandre Mordi
Oil markets are holding up well as February draws to a close. Brent crude and WTI are both trading near their highest levels in months, supported by a combination of geopolitical tension, solid demand, and OPEC+ discipline on supply. With prices pushing toward $72, the question traders are asking is whether the rally has more room to run or whether resistance will cap the move in the near term.
Oil Prices Climb Steadily From January Lows Near $60
Brent crude held firm near $72 on February 20, 2026, with prices sitting at around $71.87 and WTI not far behind at $66.66. Both benchmarks are trading close to their best levels in several months, and the move higher has been anything but sudden. Since bottoming near $60 per barrel in January, Brent has climbed steadily through February, building a pattern that market watchers are taking seriously.
The rally is being driven by a familiar combination of factors: geopolitical uncertainty, steady demand, and OPEC+ keeping output under control. Concerns around Middle East dynamics, including Iran negotiation talks and sensitive shipping routes, have found their way back into crude pricing after a period where those risks were largely ignored. This mirrors themes covered in Oil Prices Jump 4.6% in January 2026, which documented renewed buying interest following a prior pullback.
$70 Zone Remains Key Reference Level for Crude Market Participants
The $70 level has become a critical reference point for traders. Analysis similar to what appeared in Brent Oil Dips in Asia Trading - $70 Target Possible underscored just how closely watched that zone is, and the market's ability to hold and push above it carries real significance. Positioning data tells a similar story, with sentiment shifts comparable to those outlined in Oil Funds Turn Bullish as Net Position Jumps, pointing to growing confidence among energy traders.
Demand resilience across major consuming regions is adding to the bullish backdrop. There are no obvious cracks in consumption trends right now, and with supply remaining tight on paper, buyers have had little reason to step back.
What makes the current setup worth watching is the broader signal it sends. Brent and WTI holding near multi-month highs suggests that risk narratives are being priced in more aggressively, not dismissed. As key macro data and inventory releases approach in the coming sessions, price action around the $72 level will likely shape how energy markets and risk assets more broadly are positioned heading into March.
Eseandre Mordi
