Flux Markets | Brent above $71/bbl Skip to main content

Brent above $71/bbl

Brent over $71; Iran defends enrichment; Russia drilling slows; Ukraine hits oil depot; Hungary halts diesel
Published: February 19, 2026
Written by:
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
4 page report
Share

Apr'26 Brent futures rose from $70.17/bbl at 01:06 GMT to $71.60/bbl at 09:00 GMT, slightly softer at $71.10/bbl at 10:42 GMT (time of writing).

Iran’s atomic energy chief, Mohammad Eslami, said no country can strip the Islamic Republic of its right to enrich uranium. “The foundation of the nuclear industry is enrichment. Whatever you intend to do in the nuclear process, you need nuclear fuel,” Eslami said, according to a video published by the Etemad daily today. Russia’s oil producers cut drilling in 2025 to a three-year low, with production well drilling down 3.4% year-on-year, as sanctions, lower oil prices and a stronger ruble squeezed revenues. Activity slowed sharply in the second half of the year, with December drilling falling about 16% from a year earlier, reflecting weaker profitability and a shift to cash preservation. Ukrainian drones struck an oil depot in Russia’s western Pskov region, triggering explosions and a fire, a source in Ukraine’s SBU security service said today. The official said targeting oil storage facilities undermines Russia’s ability to sustain combat operations and redeploy forces, describing the strike as part of a broader effort to weaken Moscow’s military capacity. Hungary and Slovakia have suspended diesel exports to Ukraine following disruptions to Russian oil supplies through the Druzhba pipeline. While both governments blame Kyiv for not restoring the flows, the European Commission said their energy security remains secure. Finally, at the time of writing, the Apr/May'26 and Apr/Oct'26 Brent futures spreads stand at $0.60/bbl and $3.34/bbl, respectively.

Related News

Brent Rallies to $71.99/bbl

Brent rose to $71.93 after Trump flagged Iran talks; US-IEA net-zero row and Greece-Turkey energy tensions added volatility
4 page report

A Shorter Week…?

CFTC seen bearish on Brent and gasoil with added shorts, pricing out US-Iran fears; RBOB stays risk-on with heavier buying.
8 page report

Brent Breaks $70/bbl

Brent breaks $70; US refiners to buy directly from PDVSA; trade houses win tenders to supply Lybia
4 page report

Risk-on, Rinse, Repeat

See all the updates across the barrel and a half dozen contracts to watch in our six reports.
6 reports