Oil closes higher on supply concerns

Oil drilling rigs

Oil prices settled higher today, Feb. 18, after Russia said flows through its Caspian Sea pipeline had fallen by 30% to 40% following a Ukrainian drone attack. Brent crude futures for April delivery rose 0.8%, or 62 cents, to close at $75.84 a barrel. West Texas Intermediate crude futures for March delivery rose 1.55%, or $1.11, to $71.85 a barrel.

Russian Deputy Prime Minister Alexander Novak said on Russian television that the attack damaged energy equipment on the Caspian Sea pipeline, which carries more than 1% of the world's supplies daily.

The attack, which caused no casualties, came on the eve of talks between US and Russia on ending the war in Ukraine. Following the meeting, from which Kyiv was excluded, the Trump administration said it had agreed to hold more talks.