US markets are closed today in observance of Presidents Day, keeping volumes and volatility lighter than usual.
WTI crude, however, remains firmly on traders’ radar, up 1.40% and strongly holding above $63 at the weekly open.
A second round of US-Iran talks is underway in Geneva, with the UN nuclear watchdog meeting overnight with Iran’s top diplomat in search of a potential framework.
US conditions remain rigid, particularly as Iran’s current Islamic government faces internal pressure following recent unrest, with reports suggesting more than 30,000 protesters have been killed — and the true toll potentially higher.
Washington is pushing for a comprehensive deal, as reiterated by Israeli Prime Minister Netanyahu following his White House visit, demanding that Iran surrender its enriched uranium stockpile and dismantle its ballistic missile program.
Those headlines briefly pressured oil lower last week, but skepticism persists.
US Secretary Marco Rubio added that “it’s been very difficult for anyone to do real deals with Iran,” underscoring the fragile backdrop of negotiations.
Before tensions escalated, WTI was trading in the $56–$59 range.
Since then, the buildup of military assets in the region and Iran’s history of contentious agreements have kept a geopolitical risk premium embedded in prices.
