Oil prices steady as traders monitor Iran tensions, U.S. economic data

February 10, 2026

TL;DR

Oil prices edged lower on Tuesday, influenced by U.S. guidance for vessels transiting the Strait of Hormuz and ongoing U.S.-Iran tensions.
Market direction is being sought from diplomatic relations between the U.S. and Iran, efforts to end the war in Ukraine, and U.S. economic data and oil inventories.
Iran's foreign ministry indicated progress in nuclear talks, while U.S. and Iranian diplomats held talks through mediators in Oman.
The Strait of Hormuz is a critical chokepoint for global oil supplies, with about a fifth of the world's oil passing through it.
Efforts are underway to potentially squeeze Russian revenue, with European Union foreign policy chief proposing concessions for ending the war in Ukraine.
India has steered clear of Russian oil in its trade dealings with Washington, opting for crude from West Africa and the Middle East.
U.S. retail sales were unexpectedly unchanged in December, suggesting a potential slowdown in consumer spending and economic growth.
Investors are awaiting key U.S. economic data releases, including nonfarm payrolls and inflation data, to gauge the Federal Reserve's interest rate path.
Traders are also anticipating weekly U.S. oil inventory data, with forecasts suggesting a slight increase in crude stockpiles.
Expanded U.S. licenses are expected to restore Venezuela's oil production to pre-blockade levels by mid-2026.

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