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First modification: 02/18/2026 - 03:22Last modification: 02/18/2026 - 03:22

Crude oil prices closed lower on Tuesday, February 17 after Tehran and Washington announced progress in their talks in Switzerland. The market left behind, for now, the initial fear of a possible partial closure of the Strait of Hormuz, key to the global energy supply.

Oil prices fell this Tuesday, February 17, at the close of trading, after Iran and the United States announced progress in their diplomatic talks, which eased the geopolitical tension that had driven prices up in the early hours of the day.

Initially, the markets reacted with concern after Tehran's announcement about a possible partial closure of the Strait of Hormuz during military exercises, the strategic maritime corridor for global energy trade, since around 20% of global oil transits through there. Any interruption, even temporary, usually triggers fears of shortages and puts upward pressure on prices.

However, the panorama changed with the development of a second round of negotiations in Switzerland. The head of Iranian diplomacy, Abbas Araqchi, assured that both parties reached “a set of guiding principles” for an eventual pact, after weeks of crossed threats and the deployment of a US aircraft carrier as a measure of pressure.

In this context, a barrel of North Sea Brent for delivery in April lost 1.79% and closed at $67.42. For its part, West Texas Intermediate (WTI), a reference in the United States, fell 0.89% to $62.33 for delivery in March.

Read alsoIn the midst of an intersection of threats, Iran and the US meet in Geneva for another round of dialogues - France 24

“The situation between the United States and Iran has shaken the oil market, but now it seems that negotiations are moving forward,” Stephen Schork, of The Schork Group, told AFP. Analysts consider that, despite geopolitical volatility, prices could remain contained in the short term.

Henning Gloystein, of Eurasia Group, estimated that a barrel will hardly exceed $70 in the short term because global supply continues to exceed demand.

Read alsoIran announces partial closure of the Strait of Hormuz for military exercises - France 24

Along the same lines, the International Energy Agency slightly revised downwards its global demand growth forecast for 2026, reducing it by 80,000 barrels per day, to 850,000 barrels per day.

Although the Iranian supreme leader from Tehran maintains a defiant tone and warns about the preparation of his armed forces for a possible confrontation, the market seems to focus for now on diplomatic advances. The partial easing of tensions reduced the immediate risk of supply disruptions, thus moderating the pressure on international crude oil prices.

With information from AFP and Reuters.

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