Oil and Metals Edge Lower Ahead of US–Iran Talks

PUKMEDIA

Gold, silver and oil prices.

Oil and precious metal prices declined on Monday, 16 February 2026, as investors adopted a cautious stance ahead of anticipated talks between Washington and Tehran. Concerns over how renewed US–Iran tensions could affect global oil flows kept prices under pressure.

Brent crude futures slipped by 3 cents to $67.72 a barrel by 01:56 GMT, after closing 23 cents higher on Friday. US West Texas Intermediate (WTI) crude futures were also down 3 cents at $62.86 a barrel. There will be no settlement for WTI on Monday due to a public holiday in the United States.

Both benchmarks recorded weekly losses last week. Brent fell by around 0.5 per cent, while WTI declined by 1 per cent. The drop followed comments by US President Donald Trump on Thursday suggesting that Washington could reach an agreement with Iran within the next month, raising the prospect of increased oil supplies.

Amid fluctuating tensions between the United States and Iran, the Organization of the Petroleum Exporting Countries and its allies — collectively known as OPEC+ — are expected to resume production increases in April after a three-month pause. The move is aimed at meeting peak summer demand, according to Reuters.

Global financial market activity is likely to remain subdued, with markets in China, South Korea and Taiwan closed for public holidays.

In the metals market, gold prices fell as the dollar strengthened. The precious metal had gained more than 2 per cent in the previous session following weaker-than-expected US inflation data, which fuelled expectations that the Federal Reserve may cut interest rates.

By 01:11 GMT, spot gold was down 0.4 per cent at $5,020.10 per ounce, after rising 2.5 per cent previously. US gold futures for April delivery eased 0.1 per cent to $5,039.50 an ounce.

The dollar index rose on Monday, making dollar-denominated gold more expensive for holders of other currencies. Gold, which does not yield interest, typically performs better in a low interest-rate environment.

Among other precious metals, spot silver fell 0.6 per cent to $76.92 an ounce after climbing 3 per cent on Friday. Platinum slipped 0.4 per cent to $2,054.35 an ounce, while palladium gained 0.4 per cent to $1,692.23 an ounce.



PUKMEDIA