08:34 AM EST, 02/20/2026 (MT Newswires) -- Oil prices edged down from a six-month high early on Friday, but remain elevated as traders assess the risk of a U.S. attack on Iran.

West Texas Intermediate crude oil for March delivery was last see down US$0.36 to US$66.07 per barrel after rising to the highest since Aug. 1 a day earlier, while April Brent oil was down US$0.31 to US$71.35.

The price of the commodity has climbed nearly 6% over the past week with traders boosting the geopolitical risk premium as the United States readies an armada offshore the OPEC+ member as it looks to force the country to reach a deal to limit its nuclear ambitions.

U.S. President Donald Trump on Thursday said Iran has 10 to 15 days to agree to his demands, according to reports, keeping the risk premium high. Iran has threatened to close the Strait of Hormuz if it is attacked, the choke point for Persian Gulf exports, which supplies about 20% of the world's daily oil demand.

"The prospect of supply losses through the Strait of Hormuz - one of the world's most critical oil transit chokepoints - has triggered significant hedging activity, with more than 344,000 Brent call options traded on Thursday, while put volumes were less than half that level," Saxo Bank wrote.

Despite the focus on geopolitical risk, the market remains over supplied as global inventories climb amid rising production from OPEC+ and producers in the Americas swamps weak demand growth. Reuters last week reported OPEC+ will consider another supply boost when it meets next month to set April production quotas as it continues to push for market share, limiting the upside for prices.