Oil traded little changed on Monday, February 16, 2026, with investors weighing the market implications of upcoming United States-Iran talks aimed at de-escalating tensions against a backdrop of expected OPEC+ supply increases.
Brent crude futures edged up 3 cents to $67.78 a barrel by 0358 GMT, while U.S. West Texas Intermediate crude was at $62.91 a barrel, up 2 cents.
There will be no WTI settlement on Monday due to a U.S. holiday.
Last week, both benchmarks posted weekly declines with Brent settling down about 0.5% and WTI losing 1% after comments from United States President Donald Trump that U.S. could make a deal with Iran over the next month drove down prices on Thursday.
US Embassy, Lagos Consulate to close Monday
The two countries are due to hold a second round of talks in Geneva on Tuesday after renewing negotiations earlier this month aimed at tackling their decades-long dispute over Tehran’s nuclear programme and averting a new military confrontation.
Iran is pursuing a nuclear agreement with the U.S. that delivers economic benefits for both sides, with energy and mining investments and aircraft purchases up for discussion, Reuters quoted an Iranian diplomat as saying on Sunday.
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