Oil slides while geopolitics heat up

February 17, 2026 (MLN): Brent crude oil prices slipped slightly in Asian trading on Tuesday as markets weighed potential supply risks following Iran’s naval exercises near the strategically vital Strait of Hormuz.

Brent crude futures went down by $0.43, or 0.63%, to $68.22 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures decreased by $0.49, or 0.78%, to $63.38 per barrel by [11:06 am] PST.

The drills came just ahead of critical nuclear negotiations between Tehran and the United States in Geneva later today, according to CNBC.

U.S. West Texas Intermediate (WTI) crude stood at $63.51 per barrel, marking an increase of 62 cents, or 0.99%.

This movement incorporates Monday’s trading activity, as WTI contracts did not settle on Monday due to the U.S. Presidents Day holiday.

Holiday closures across major Asian markets including mainland China, Hong Kong, Taiwan, South Korea, and Singapore have contributed to subdued trading volumes.

U.S. President Donald Trump indicated on Monday that he would participate “indirectly” in the Geneva talks, expressing optimism that Iran is open to a deal.

Earlier, he stated that regime change in Tehran “would be the best outcome,” adding a layer of geopolitical tension to the market outlook.

Iran’s military maneuvers in the Strait of Hormuz a key export route for Gulf Arab crude destined for Asia have raised concerns over potential disruptions.

Other major oil exporters in the region, including Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq, rely on this corridor for the majority of their shipments.

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