GreenergyDaily

Feb. 28, 2026

OPEC+ will consider the option of a larger supply increase when key members meet on Sunday, after Israel launched airstrikes on targets in Iran, according to a delegate.

The group led by Saudi Arabia and Russia was expected to resume modest production increases from April after a three month supply freeze, several delegates said earlier this week.

Brent crude futures settled at $72.48 a barrel, up $1.73, or 2.45%. U.S. West Texas Intermediate crude finished at $67.02 a barrel, up $1.81, or 2.78%.

Israel said on Saturday that it launched “preventive” airstrikes on targets in Iran, a move that will spark fears of a wider conflict in the oil-rich region.

US President Donald Trump said the US military had launched "major combat operations" ‌in Iran.

"Our objective is ‌to defend ‌the American people by eliminating imminent threats from the Iranian ⁠regime," Trump said in a video ‌shared on social ⁠media.