Traders watching the US-Iran situation
February 9, 2026
Crude oil is trading sideway this morning after a quiet week last week that saw the Iran and US talks put some softness in prices as tensions eased. Iran has supposedly refused to end enrichment of nuclear fuel but emphasized their willingness to negotiate and prevent a US military strike. There are reports that indicate there will be more talks this week.
Washington is reportedly working on another round of tariffs targeting countries doing business with Iran, potentially giving President Trump more leverage in upcoming negotiations.
In the refined fuels market, the US-Iran talks were seen as bearish, and prices moved lower.
India is considering importing more crude oil from Venezuela amid US pressure on Modi to eliminate Russian barrels.
Bullish for US fuel demand, US Consumer Sentiment for February 2026 rose unexpectedly in February, up from January to a reading of 57.3. Economists expected a drop from 56.4 in January to 55.5 in February.
The US and Iran situation will be a big event watched by traders and will keep the markets volatile.