India and Iran drive oil surge: What it means for global markets
Photo: India and Iran influence oil prices (Getty Images)
Global oil prices rose slightly today, February 11, as negotiations between the US and Iran failed to make big progress. There has also been an increase in demand for energy resources from India, according to Reuters.
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Brent crude oil futures rose 55 cents, or 0.80%, to $69.35 per barrel. The price of US West Texas Intermediate crude rose 57 cents, or 0.89%, to $64.53.
“Oil retains a bullish tail-risk bid as US-Iran talks continue but remain fragile, keeping the Strait of Hormuz risk premium supported amid ongoing sanctions pressure, tariff threats tied to Iranian trade,” LSEG analysts note.
A spokesperson for the Iranian Foreign Ministry said on Tuesday that nuclear talks with the US had allowed Tehran to assess the seriousness of Washington's intentions and demonstrated sufficient consensus to continue the diplomatic course.
Although oil prices initially fell after Oman's foreign minister said that talks between Iran and the US had been productive, hopes for a peaceful settlement were later dashed by reports that the US might send a second aircraft carrier to the Middle East.
Oil prices were also supported by signs of a decline in surplus, as markets absorbed some of the excess barrels seen in the last quarter of 2025.
“With mainstream oil on water returning to normal levels and demand for it in India rising, oil prices are likely to remain supported in the near term,” said Vortexa market analyst Xavier Tang.
Traders are also awaiting weekly data on US oil inventories from the Energy Information Administration.
Yesterday, February 11, global oil prices fell as traders assessed the potential for supply disruptions amid the crisis between the US and Iran.
Russian oil imports to India could be cut by about half after the conclusion of a trade agreement with the US.
