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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
Published: February 19, 2026
Written by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
Reviewed by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
4 page report
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The Apr’26 Brent Futures contract rallied to $71.82/bbl at 14:42 GMT before falling to $70.96/bbl at 15:03 GMT. Prices then rallied up to $71.93/bbl at 17:00 GMT (time of writing).

The sudden drop in prices came after US President Trump announced that “Good talks are being had [with Iran]” and “We have to make a meaningful deal, otherwise bad things happen”. The US wants Iran to give up its nuclear program, whereas Tehran as denied it has been trying to develop an atomic weapon.  In the news, according to Reuters, US Energy Secretary Chris Wright warned the International Energy Agency it has one year to drop support for net-zero emissions goals or risk losing the United States as a member. Speaking in Paris, Wright criticised the 2050 net-zero target linked to the Paris Agreement, reflecting President Donald Trump’s pro-fossil fuel stance. European officials, including France and the Netherlands, downplayed the threat and reaffirmed commitments to electrification and cleaner energy. In other news, Turkey has condemned Greece for what it called “unilateral activities” after Athens signed lease agreements with a Chevron-led consortium to explore for hydrocarbons south of Crete. Turkey’s Defense Ministry said the move violates international law and good neighbourly relations, despite not directly affecting Turkish maritime zones. Chevron, alongside Helleniq Energy, secured rights to four large offshore blocks, doubling Greece’s exploration area. ExxonMobil has also expanded offshore access, underscoring intensifying regional energy competition. Finaly, the front-month Apr/May and 6-month Apr/Oct spreads are at $0.52/bbl and $3.51/bbl respectively.

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