Crude oil futures trade lower as markets await US-Iran talks

Crude oil futures traded lower on Tuesday morning as markets awaited the outcome of the second round of talks between the US and Iran in Geneva later in the day.

At 9.58 am on Tuesday, April Brent oil futures were at $68.33, down by 0.47 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $63.33, down by 0.36 per cent. February crude oil futures were trading at ₹5,764 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5791, down by 0.47 per cent, and March futures were trading at ₹5,776 against the previous close of ₹5,799, down by 0.40 per cent.

A US delegation will meet Iranian representatives in Geneva on Tuesday for a second round of talks. Market reports said that Oman will mediate the talks.

Meanwhile, US President Donald Trump said that he would be involved ‘indirectly’ in talks between the US and Iran over Iran’s nuclear programme.

Addressing media persons aboard Air Force One, Trump said: “I’ll be involved in those talks, indirectly. And they’ll be very important.”

To a query on the prospects of a deal, he said Iran has long sought a tough posture in negotiations but learned the consequences of that approach last summer when the US bombed Iranian nuclear sites. Stating that Iran was motivated this time to negotiate, he said: “I don’t think they want the consequences of not making a deal.”

The US has already deployed a second aircraft carrier to West Asia region. Media reports said that Iran conducted naval drills near the Strait of Hormuz ahead of nuclear talks with the US.

Iran is one of the major producers of crude oil in the world market.

In their Commodities Feed for Monday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said there is growing noise around what OPEC+ may decide for April production levels when they meet on March 1. The group had suspended supply increases in the first quarter of this year due to seasonality.

“However, with our balance sheet continuing to show a large surplus in the second quarter, there is no need for the group to bring additional supply onto the market from April. Despite this, some OPEC+ members reportedly believe that the market can cope with additional supply increases. In our balance sheet, we are not assuming further increases from the group, so clearly, if further supply is brought onto the market, it will only lead to our surplus expectations growing,” they said.

February natural gas futures were trading at ₹282.60 on MCX during the initial hour of trading on Tuesday against the previous close of ₹279.50, up by 1.11 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer polished) contracts were trading at ₹14,926 in the initial hour of trading on Tuesday against the previous close of ₹14,822, up by 0.70 per cent.

March jeera futures were trading at ₹22,040 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹22,255, down by 0.97 per cent.

Published on February 17, 2026