Oil prices jumped more than 2 percent Wednesday after Vice President J.D. Vance said Iran failed to meet key U.S. demands during nuclear talks, raising the risk of military action under President Donald Trump. U.S. crude climbed to nearly $64 a barrel, while Brent crude rose above $69.
The increase followed comments from Vance that Tehran ignored U.S. red lines in talks held in Geneva this week.
Oil jumps more than 2% after Vance says Iran ignored key U.S. demand, military strikes on the table https://t.co/fqrVtu5XA0
— CNBC (@CNBC) February 18, 2026
Although Iranian officials described the discussions as constructive, U.S. leaders said diplomacy may be nearing its limit. Vance stressed that Trump has not ruled out the use of force to stop Iran’s nuclear program.
Market concerns intensified after Iran conducted military exercises in the Strait of Hormuz, a critical route for global oil shipments.
About one-third of seaborne crude passes through the strait. The U.S. has deployed two aircraft carriers to the region as tensions escalate.
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TIPP Staff
