Brent Crude Oil Price, February 2026
Brent crude averaged $70.89 per barrel in February 2026 and WTI $64.51 (EIA spot). It was the calmest month of the year: Brent traded in a $5.45 range, from $67.72 on 2 February to $73.17 on 19 February, while the US and Iran held nuclear talks under the threat of military strikes. On 28 February, the day after the last trading session, the strikes began.
| Benchmark | Average | High | Low | First close | Last close | Change vs prior month-end |
|---|---|---|---|---|---|---|
| Brent (Europe spot FOB) | $70.89 | $73.17 (19 February) | $67.72 (2 February) | $67.72 (2 February) | $71.32 (27 February) | -1.3% |
| WTI (Cushing spot) | $64.51 | $66.96 (27 February) | $61.60 (2 February) | $61.60 (2 February) | $66.96 (27 February) | +3.8% |
Source: U.S. Energy Information Administration (EIA), Europe Brent Spot Price FOB and Cushing, OK WTI Spot Price FOB, daily series (release of 7 October 2026), mirrored by FRED as DCOILBRENTEU and DCOILWTICO. Averages are simple means of the trading days with a price.
Prices here are EIA spot assessments. Brent spot is the physical North Sea price (see Dated Brent) and normally sits within a dollar or two of the front-month ICE Brent futures quoted in headlines, as it did in this month.
February 2026 in numbers
Brent opened the month at $67.72, giving back part of January's rally, and closed at $71.32 on 27 February, -1.3% for the month. WTI did better, rising 3.8% to $66.96, its monthly high. The average Brent price was about $4 higher than January's and about $8 higher than December 2025's. The Brent-WTI spread averaged $6.38. Compare both benchmarks on the Brent vs WTI page.
What moved oil in February 2026
- Early February: talks replace strike fears. Brent spot fell to its monthly low of $67.72 on 2 February, after January's late spike. Prices eased further when Washington and Tehran agreed to hold talks on Iran's nuclear programme.
- 19 February: six-month high. Oil rose about 2% on concern over a possible US-Iran conflict. Brent futures traded at $71.58, a six-month high, at 15:51 GMT (Reuters), and Brent spot closed at its monthly high of $73.17.
- 25–26 February: ultimatum and Geneva talks. President Trump warned that the US could carry out limited strikes if no nuclear agreement was reached. A third round of talks opened in Geneva on 26 February, with Brent near seven-month highs.
- Late February: a bearish stock build. EIA weekly data showed a US crude inventory build of about 16 million barrels, the largest since February 2023. This limited the gains from geopolitical risk.
- 28 February: military action against Iran. US and Israeli strikes on Iran on Saturday 28 February came after February's last trading day, so they do not appear in this month's prices. The EIA identifies the strikes as the start of the price surge in March.
February as the pre-war baseline
February 2026 is the reference point for everything that followed. Brent's last pre-war spot close was $71.32 on 27 February. News reports often quote Brent "around $70–73 before the war". By the end of March the same price was $126.69. See the long-run oil price history for earlier supply shocks of a similar scale, and oil price news for the latest.
Daily Brent and WTI prices, February 2026
| Date | Brent | Brent daily change | WTI | Brent minus WTI |
|---|---|---|---|---|
| Mon 2 February | $67.72 | −4.53 | $61.60 | +6.12 |
| Tue 3 February | $70.01 | +2.29 | $62.62 | +7.39 |
| Wed 4 February | $71.15 | +1.14 | $64.56 | +6.59 |
| Thu 5 February | $69.87 | −1.28 | $62.90 | +6.97 |
| Fri 6 February | $70.45 | +0.58 | $63.77 | +6.68 |
| Mon 9 February | $71.19 | +0.74 | $64.53 | +6.66 |
| Tue 10 February | $71.01 | −0.18 | $64.20 | +6.81 |
| Wed 11 February | $71.52 | +0.51 | $64.80 | +6.72 |
| Thu 12 February | $69.80 | −1.72 | $63.08 | +6.72 |
| Fri 13 February | $69.96 | +0.16 | $63.05 | +6.91 |
| Mon 16 February | $70.81 | +0.85 | n/a | – |
| Tue 17 February | $69.77 | −1.04 | $62.53 | +7.24 |
| Wed 18 February | $71.78 | +2.01 | $65.33 | +6.45 |
| Thu 19 February | $73.17 | +1.39 | $66.66 | +6.51 |
| Fri 20 February | $72.75 | −0.42 | $66.69 | +6.06 |
| Mon 23 February | $71.90 | −0.85 | $66.36 | +5.54 |
| Tue 24 February | $71.21 | −0.69 | $65.62 | +5.59 |
| Wed 25 February | $70.69 | −0.52 | $65.30 | +5.39 |
| Thu 26 February | $71.66 | +0.97 | $65.10 | +6.56 |
| Fri 27 February | $71.32 | −0.34 | $66.96 | +4.36 |
Source: U.S. Energy Information Administration (EIA), Europe Brent Spot Price FOB and Cushing, OK WTI Spot Price FOB, daily series (release of 7 October 2026), mirrored by FRED as DCOILBRENTEU and DCOILWTICO. Averages are simple means of the trading days with a price.
Previous and next month
← January 2026
Brent and WTI averages, highs, lows and drivers for January.
All of 2026
Monthly averages for every month of 2026 in one table.
March 2026 →
Brent and WTI averages, highs, lows and drivers for March.
February 2026 oil price FAQ
What was the average Brent price in February 2026?
Brent averaged $70.89 per barrel in February 2026, based on 20 daily EIA spot prices. WTI averaged $64.51. February was the last full month before the Iran war and the calmest of the year, with a Brent range of only $5.45.
What was the Brent high in February 2026?
Brent spot peaked at $73.17 per barrel on 19 February 2026, the day oil rose about 2% to a six-month high on fears of a US-Iran conflict (EIA, Reuters). WTI's high was $66.96 on 27 February 2026, the last trading day before the strikes on Iran.
What was the oil price before the 2026 Iran war?
Brent spot closed at $71.32 and WTI at $66.96 per barrel on Friday 27 February 2026, the last trading day before US and Israeli strikes on Iran on 28 February (EIA). Brent averaged $70.89 in February, so "about $70" is a fair pre-war benchmark.
Why did oil prices rise in February 2026?
Prices rose because markets feared a US military strike on Iran while nuclear talks continued. A six-month high on 19 February and the US warning of limited strikes in late February added a risk premium. A large US crude stock build partly offset the gains.
Related pages
2026
Brent and WTI crude oil prices in 2026 month by month, with averages, highs and lows and the events driving oil this year, updated monthly.
Brent Crude Oil Price
Current Brent crude oil price live in USD per barrel, with a real-time chart, ICE Brent contract facts and what is driving today's move.
WTI Crude Oil Price
Current WTI crude oil price live in USD per barrel, with a real-time chart, NYMEX contract facts, Cushing delivery and key US drivers.
Brent vs WTI
Brent vs WTI compared: live prices, why Brent trades at a premium, quality and delivery differences, and how the spread has moved since 2010.