Crude Oil Prices Hold Steady on Feb 17, 2026 Amid Geopolitical Tensions

Crude oil prices traded largely steady around 7:55 AM IST on February 17 as investors weighed geopolitical risks and diplomatic developments impacting global supply. 

WTI crude traded at $63.66 per barrel, up 1.22%, while Brent crude stood at $68.47, down 0.26%. Murban crude was slightly lower at $68.92 per barrel, reflecting cautious trading conditions.

The mixed movement followed Monday’s gains in U.S. crude, which included delayed settlement adjustments due to the Presidents Day holiday in the United States.

Iran Drills Raise Supply Concerns

Market attention remains on naval drills conducted by Iran near the Strait of Hormuz, a crucial global oil shipping route. The waterway handles a significant share of crude exports from Gulf producers, making any military activity in the region a sensitive issue for energy markets.

The developments come just ahead of nuclear discussions between Iran and the United States in Geneva. Donald Trump stated that the U.S. would be indirectly involved in negotiations and suggested optimism about reaching a potential agreement.

Impact on Global Oil Supply

Major producers within OPEC, including Saudi Arabia, the UAE, Kuwait, and Iraq, rely heavily on the Strait of Hormuz to ship crude primarily to Asian markets. Any disruption could quickly tighten supply and push prices higher.

Meanwhile, holiday closures across several Asian markets reduced trading volumes, adding to cautious price movements.

Also Read: Vedanta Chairman Anil Agarwal Says India Can Produce Oil and Gas at Half Import Cost!

Conclusion

Oil markets remain balanced between diplomatic optimism and geopolitical supply risks. Price direction will likely depend on developments in U.S.–Iran talks and regional stability around key oil transit routes.

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