Crude Oil Price Hike: Crude oil hot due to Iran’s maneuvers in the Strait of Hormuz, Brent crude reached near $69

New Delhi. Crude oil prices are once again showing an upward trend in the global market. Naval drills conducted by Iran’s Revolutionary Guards near the Strait of Hormuz just ahead of important talks between the US and Iran on Tuesday have increased geopolitical risks. This tense environment has had a direct impact on oil prices, due to which Brent crude is now poised to touch the level of $69 per barrel. Movement in the Strait of Hormuz: Why is the market scared? According to Iran’s semi-official news agency ‘Tasnim’, Iran’s Revolutionary Guard is conducting military drills in the areas around the Strait of Hormuz. Strategic importance: This waterway It is one of the world’s most important oil corridors, through which about one-fifth of the global oil supply passes. Impact on prices: Brent crude prices rose more than 1% on Monday and closed near $69 on fears of any possible disruption in the supply chain. At the same time, the American benchmark West Texas Intermediate (WTI) also remains close to $64 per barrel. Trump’s ‘indirect’ intervention and Geneva talks US President Donald Trump has indicated that he will be indirectly involved in the talks with Iran. According to Trump, “Iran wants to make a new deal.” Abbas Araghchi’s strategy: The Iranian Foreign Minister has met the head of the United Nations Atomic Watchdog (IAEA). They are going to present some new proposals to US Special Envoy Steve Witkoff on Tuesday. Marco Rubio’s hope: US Secretary of State Marco Rubio has also expressed hope that the years-long tension between Tehran and Washington can be ended through talks. Russia-Ukraine Peace Talks: Mahamanthan in Geneva today. The oil market is eyeing another big meeting to be held in Geneva today, where representatives of Russia and Ukraine will discuss ways to end the four-year-old war. Will be face to face. However, analysts believe that there is little hope of Russian barrel returning to the market so soon, yet the beginning of talks has put the market in a ‘wait and watch’ situation. Current position of crude oil (17 February 2026)BenchmarkFresh price ($)PositionBrent crude $68.90bullish ↑West Texas (WTI)$63.95bullish ↑MCX crude (India) ₹ 5,810 Bullish ↑ Today’s other important commodity news Sector Main UpdateGold & Silver Big fall in gold prices, price below ₹ 1.55 lakh. Silver fell by 3%.Sugar ExportsGovernment approved additional export of sugar, relief to domestic mills.Petrol-Diesel Slight change in fuel prices across the country, prices reduced due to VAT in some states.