Gotrade News - Global crude oil prices fell on Tuesday (24/2) after Iran signaled its readiness to reach a nuclear deal with the United States. The drop came as markets began pricing in the possibility that diplomacy could unlock Iranian oil supply that has long been constrained by sanctions.
According to Reuters, Brent crude futures closed at USD 70.77 per barrel, down 1%. WTI also weakened 1% to USD 65.63 per barrel in the same session.
Key Takeaways:
- Brent closed at USD 70.77 and WTI at USD 65.63, both down 1% on Tuesday (24/2).
- The US-Iran talks in Geneva on Thursday (26/2) are the key catalyst markets are waiting on.
- A diplomatic breakdown could push oil prices back up sharply.
Based on Bloomberg's reporting, WTI edged back up toward USD 66 per barrel in subsequent trading as markets weighed the odds of a successful negotiation. Brent also hovered below USD 71 per barrel, reflecting a wait-and-see positioning across the board.
Trump's special envoy Steve Witkoff, alongside Jared Kushner, is scheduled to meet Iranian Foreign Minister Abbas Araghchi in Geneva on Thursday (26/2). The meeting has become the central focus for global energy markets, as its outcome will likely set the tone for near-term sentiment.
Donald Trump stated this week that he still favors the diplomatic route over military options. He did, however, warn that a failed deal would be "very bad" news for Tehran, a remark that's kept markets on edge.
Bloomberg reported that Secretary of State Marco Rubio and the CIA Director briefed US congressional leaders on the Iran situation on Tuesday. The large-scale deployment of US military forces across the Middle East also remains a risk factor that markets are keeping a close eye on.
Oil Markets Remain Highly Sensitive to Geopolitical Noise
Oil markets are well known for reacting sharply to any news tied to Iran, one of the biggest oil producers in the Middle East. Prices had actually picked up earlier this year, even as widespread expectations of a global supply surge pointed to downward pressure ahead, according to Bloomberg.
Outside of oil, several other commodities moved in the opposite direction on Tuesday (24/2). Based on London Metal Exchange data cited by Kumparan, nickel surged 3.62% to USD 17,909 per ton, while tin jumped 5.41% to USD 50,300 per ton.
Geneva Outcome Will Call the Next Move
If the Geneva talks produce a deal, markets will likely start pricing in a return of Iranian oil supply to global markets. Downward pressure on oil prices could extend further under that scenario.
On the flip side, a diplomatic stalemate or any military escalation could trigger a swift price spike. Global energy markets are now squarely focused on what comes out of Geneva on Thursday (26/2) as the defining moment for short-term sentiment.
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Reference:
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Kumparan, Harga Komoditas: Minyak Mentah Turun 1 Persen, Timah Melesat 5,4 Persen. Accessed on February 25, 2026
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Bloomberg Technoz, Harga Minyak Menguat Jelang Perundingan AS-Iran di Jenewa. Accessed on February 25, 2026
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