Oil Steadies With Focus on Geopolitical Risk Before Iran Talks

Bloomberg.com · last updated February 16, 2026 – 2:30 AM

Oil flipped between gains and losses, as traders monitored geopolitical risks before talks between the US and Iran that are expected to resume on Tuesday.

Brent traded close to $68 a barrel after its first back-to-back weekly drop this year, while West Texas Intermediate was near $63. Iran’s Revolutionary Guard are currently conducting naval drills in the the “region of” the Strait of Hormuz, the vital waterway that ships about a fifth of the world’s barrels, according to the nation’s semi-official Tansim news agency.

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