economy
February 18, 2026
Oil jumps 4% after Vance says Iran ignored key U.S. demands, military strikes on the table
Oil traders are worried that war between the U.S. and Iran could lead to a major disruption of crude supplies in the Middle East.
TL;DR
- U.S. crude oil and global benchmark Brent prices rose more than 4% on Wednesday.
- Vice President JD Vance indicated Iran did not address U.S. "red lines" in nuclear talks.
- President Trump reserves the right to use military force if diplomacy fails to stop Iran's nuclear program.
- Nuclear talks between U.S. envoys and Iran's foreign minister were described as "constructive" but did not resolve core U.S. demands.
- Market concerns focus on potential disruptions to oil flows through the Strait of Hormuz due to U.S.-Iran conflict.
- Iran's Revolutionary Guard conducted war games in the Strait of Hormuz, a critical trade route.
- The U.S. has stationed the USS Abraham Lincoln and is en route to the Middle East with the USS Gerald Ford.
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