<p><strong>Crude oil slipped to $62.78 per barrel on February 17, as progress in US-Iran nuclear talks reduced supply risk fears. Earlier gains from Strait of Hormuz tensions faded after constructive diplomatic signals. Prices are up 4.02% in a month. </strong></p><img><p>Oil prices edged lower after signs of progress in talks between the United States and Iran reduced fears of supply disruption. Benchmark West Texas Intermediate (WTI) slipped to below $63 a barrel. </p><p>Iranian Foreign Minister Abbas Araghchi said the two sides held “serious, constructive” discussions and reached a general agreement on key principles. The news trimmed a risk premium that had pushed prices higher earlier, according to a Bloomberg report.</p><img><p>Crude oil traded at $62.78 per barrel on February 17, 2026, down 0.17% from the previous day. Over the past month, prices have risen 4.02%, but they remain 12.59% lower than a year ago, according to Trading Economics. The data reflects trading in a contract for difference (CFD) that tracks the benchmark crude market. Historically, crude oil reached an all-time high of 410.45 in December 2025.</p><h3><strong>Strait of Hormuz tensions briefly lifted prices</strong></h3><p>Earlier gains were triggered after Iran said it would shut parts of the Strait of Hormuz for military drills. The narrow waterway is a vital route for global oil shipments. WTI futures had risen about 1.4% on Monday after Iran launched maritime drills and the United States deployed a second aircraft carrier to the region. However, hopes of diplomatic progress later erased most of those gains.</p><img><p>Investors are closely monitoring a second round of nuclear negotiations in Geneva. Iran has signalled it is ready to compromise on its nuclear programme if US sanctions are lifted. At the same time, US-led negotiations between Russia and Ukraine are set to begin, although markets remain cautious about any quick diplomatic breakthrough.</p><img><p>Another factor limiting oil prices is the possibility that OPEC+ may resume output increases in April. More supply could enter a market already dealing with a growing surplus. Analysts say this supply outlook is balancing geopolitical risks, keeping prices under pressure for now.</p>
