Brent Drops Ahead of US-Iran Talks

2026-02-17 00:55 By Judith Sib-at 1 min. read

Brent crude oil futures fell more than 1% to below $68 per barrel on Tuesday, giving up most of the previous session's gains as investors awaited the second round of talks between the US and Iran.

Prices rose 1.4% on Monday after Iran launched a maritime drill in the Strait of Hormuz, a vital oil transit route, following the deployment of a second US aircraft carrier to the region.

These moves come as the two nations prepare to resume nuclear talks in Geneva later today.

Iran has indicated its readiness to compromise on its nuclear programme in exchange for US sanctions being lifted.

Meanwhile, US-led negotiations between Russia and Ukraine are also set to begin later today, though markets remain skeptical about any near-term diplomatic breakthrough.

Offsetting these upside risks, OPEC+ is reportedly considering resuming output hikes in April, potentially adding more barrels to a market already grappling with a swelling glut.



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