Oil prices rise amid geopolitical uncertainty

Oil drilling rigs

Oil prices rose at the close of trading today, Feb. 11, driven by investor concerns over escalating tensions between the United States and Iran. This offset the impact of rising US crude inventories, a sign of weak demand.

Brent crude futures for April delivery rose 0.87%, or 60 cents, to $69.40 a barrel, after earlier exceeding $70. WTI crude oil futures for March delivery rose 1%, or 67 cents, to $64.63 a barrel.

This came after US President Donald Trump announced he was considering sending a second aircraft carrier to the Middle East if no agreement is reached with Iran, as Washington and Tehran prepare to resume nuclear talks that began last week.

Trump's statements supported oil prices, but crude oil came under pressure following official data showing a larger-than-expected increase in US crude oil inventories of 8.5 million barrels last week.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) left its forecasts for oil demand growth for this year and next unchanged.