Oil Dips on Progress in U.S.- Iran Nuclear Talks


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Oil and refined product futures fell Tuesday (2/17) as 
progress in U.S.-Iran talks lowered risks for the Middle East oil trade.

   NYMEX WTI crude futures for March delivery settled down $0.42 at $62.33 bbl, 
while ICE Brent crude for April delivery finished down $1.22 at $67.42 bbl.

   Refined products were little changed, with front-month ULSD futures slipping 
$0.0027 to settle at $2.3906 gallon. March RBOB futures climbed $0.0034 to 
finish at $1.9144 gallon.

   Strength in the dollar added further weight to oil futures, making 
dollar-denominated crude more expensive for international buyers. The U.S. 
Dollar Index rose by 0.256 points to 97.075 against a basket of currencies.

   Negotiators from Iran and the United States held indirect talks in Geneva on 
Tuesday regarding efforts by the Trump administration to persuade the Iranian 
government to halt its nuclear program. "We have reached understandings on the 
guiding principles, but the drafting and writing phase of the agreement will be 
more difficult, " Iranian Foreign Minister Abbas Araghchi said after the 
meeting.

   The statement helped ease tensions that had built earlier on the Strait 
Hormuz following an Iranian naval exercise that briefly closed the waterway 
that serves a fifth of the world's seaborne oil trade. 

   Escalating geopolitical tensions between the U.S. and Iran have propped up 
prices this year despite an overall bearish market outlook.




(c) Copyright 2026 DTN, LLC. All rights reserved.