US-Iran inching toward a deal?
February 18, 2026
The energy market pulled back after Iranian Foreign Minister, Abbas Araqchi, said Iran and he US reached an understanding on the main “guiding principles” in a second round of nuclear talks in Geneva. Work still needs to be done, and this doesn’t mean an agreement is on the way, there is still a lot that needs to be worked out but this does offer a bit of hope and an easing of tension which was the reason for market to pullback yesterday but we are higher again as we start out today.
Citi said oil prices could remain supported in the near term as US President Donald Trump increases pressure for peace deals involving Russia and Iran, but a resolution later this year may ultimately push crude lower, with Brent targeted at $60 to $62 per barrel.
India has seized three US- sanctioned oil tankers linked to Iran this month and stepped-up surveillance in its maritime zone to curb illicit trade.
US Energy Secretary Chirs Wright said that Venezuela could add “several hundred thousand barrel per day” to oil production by year-end.
The energy markets will continue to be subject to market swings as the high-stakes discussion around Russia, Ukraine and Iran will impact near term sentiment and push and pull markets around.
Parts of the Strait of Hormuz were closed yesterday for a few hours due to security precautions for shipping safety as Iran Revolutionary Guards conducted military drill in the waterway.