Brent crude price slips on big U.S. stock build as Iran talks and OPEC+ loom
U.S. crude stockpiles jumped by 16 million barrels, far above forecasts, sending Brent crude down 12 cents to $70.65 a barrel. The Energy Information Administration called the build “bearish,” while Middle East tensions and new U.S. sanctions on Iran continued to support prices. Saudi Arabia has raised output as a contingency for possible supply disruptions. OPEC+ may consider a small output increase at its March 1 meeting.