Crude oil price today: Brent, WTI hold near two-week highs as winter storm Fern disrupts U.S. output; OPEC+ up next

Brent crude futures jumped on Friday, clawing back some losses from the previous session as traders digested fresh supply concerns. U.S. President Donald Trump’s warning about an “armada” heading toward Iran rattled markets, while production issues lingered in Kazakhstan. By 1026 GMT, Brent for March was up 76 cents, or 1.2%, at $64.82 a barrel. U.S. West Texas Intermediate also gained 75 cents, or 1.3%, settling at $60.11.

Brent crude futures dropped $1.07, or 1.6%, to $64.17 a barrel by 1123 GMT Thursday, while U.S. West Texas Intermediate for March slid $1.02, or 1.7%, to $59.60. The oil price pullback came after a two-day rally boosted by a Kazakhstan outage. President Donald Trump eased tensions by softening his Greenland tariff threats and expressing hope to avoid further U.S. military action in Iran. According to market sources citing the American Petroleum Institute, U.S. crude stocks increased by 3.04 million barrels and gasoline inventories rose 6.21 million last week. Saxo Bank’s Ole Hansen noted “there is a deflation of risk premium,” and Haitong Futures analyst Yang An pointed to “high crude inventories limiting further gains.”

Oil prices slipped on Wednesday, retreating from Tuesday’s rally as traders weighed forecasts of a U.S. crude stockpile increase alongside renewed trade tensions. By 1125 GMT, Brent futures had dropped 12 cents to $64.80 a barrel, and U.S. West Texas Intermediate eased 11 cents to $60.25.

Brent crude futures edged up 0.2% to $64.01 a barrel, while U.S. West Texas Intermediate rose 0.5% to $59.72 on Tuesday, as investors reacted to fresh U.S. tariff threats connected to Greenland.

Oil prices held steady early Tuesday as trade-war concerns resurfaced. The jitters came after U.S. President Donald Trump threatened fresh tariffs on European nations tied to his bid to buy Greenland.