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2026-02-17 20:38:41
[Oil Market Awaits Diplomatic Signals, Brent Crude Trades in Narrow Range] ⑴ Brent crude prices remained largely stable on Tuesday, with investors closely watching two key talks held in Geneva that day: the US-Iran nuclear negotiations and the US-Ukraine-Russia trilateral peace talks. As of press time, Brent crude futures rose slightly by 0.16% to $68.76 per barrel, extending the previous day's 1.33% gain. ⑵ Trading was generally light, as several Asian markets, including mainland China, Hong Kong, South Korea, and Singapore, were closed for the Lunar New Year holiday. West Texas Intermediate (WTI) crude was not settled due to the US Presidents' Day holiday on Monday and was currently trading at $63.86 per barrel, up 1.54%. ⑶ Geopolitical factors were in focus. The Iranian Revolutionary Guard conducted military exercises in the Strait of Hormuz and temporarily closed some sections of the strait as a "security precaution." Investors are assessing any events that could lead to Iran blocking this key global oil chokepoint. Meanwhile, progress in the Russia-Ukraine peace talks was also closely watched, as any peace agreement could mean the lifting of sanctions, allowing Russian oil to return to the mainstream market. (4) Analysts point out that current market sentiment is closely related to the tone and progress of negotiations, with geopolitical risk premiums continuing to support oil prices. In the short term, oil prices are expected to remain highly volatile, with significant two-way fluctuations driven by diplomatic signals rather than simply supply and demand fundamentals.
