Brent crude rises more than 1%

Oil drilling rigs

Brent crude futures rose more than 1% at the close of trading on Feb. 16, supported by market participants' anticipation of a second round of nuclear talks between Iran and the US this week.

Brent crude futures contract for April delivery rose 1.33%, or 90 cents, to $68.65 a barrel. No settlement was issued for US Nymex crude futures contracts due to the Presidents' Day holiday in the US.

This came amid anticipation of a second round of nuclear negotiations between Iran and the US in Geneva on Feb. 17, at a time when US officials reported that Washington is preparing for the possibility of launching an extended military campaign if the talks do not produce results.

Oil prices were limited by weak trading activity due to Lunar New Year holidays in China, South Korea and Taiwan, along with expectations that the OPEC+ alliance will resume increasing its crude production starting next April.