Oil Prices Dip as U.S.–Iran Tensions Linger

Traders weigh supply risks amid guidance for vessels in Strait of Hormuz

Feb. 9, 2026 at 11:23pm

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Oil prices eased slightly on Tuesday as traders assessed the potential for supply disruptions after the U.S. Department of Transportation's Maritime Administration advised U.S.-flagged commercial vessels to stay away from Iran's territorial waters in the Strait of Hormuz. About a fifth of the world's oil supply passes through the strait, making any escalation in the area a major risk to global oil supplies.

Why it matters

The Strait of Hormuz is a critical chokepoint for global oil shipments, and tensions between the U.S. and Iran in the region have the potential to disrupt oil supplies and drive up prices worldwide. Traders are closely watching for any signs of escalation that could impact oil flows through the strait.

The details

Brent crude oil futures were down 25 cents, or 0.4%, at $68.79 a barrel, while U.S. West Texas Intermediate crude fell 23 cents, or 0.4%, to $64.13. The guidance from the U.S. Department of Transportation's Maritime Administration came despite recent progress in Oman-mediated nuclear talks between the U.S. and Iran. Meanwhile, the European Union is proposing to extend sanctions on Russian oil to include ports in Georgia and Indonesia that handle Russian crude.

  • The U.S. Department of Transportation's Maritime Administration issued the guidance on Tuesday.

The players

U.S. Department of Transportation's Maritime Administration

The U.S. government agency that issued guidance for U.S.-flagged commercial vessels to stay away from Iran's territorial waters in the Strait of Hormuz.

Iran

A major oil-exporting country that borders the Strait of Hormuz, a critical chokepoint for global oil shipments.

European Union

The European bloc that is proposing to extend sanctions on Russian oil to include ports in third countries that handle Russian crude.

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What they’re saying

“While talks in Oman produced a cautiously positive tone, lingering uncertainty over potential escalation, sanctions tightening, or supply disruptions in the Strait of Hormuz has kept a modest risk premium intact.”

— Tony Sycamore, Analyst (IG)

The takeaway

The U.S.–Iran tensions in the Strait of Hormuz continue to pose a risk to global oil supplies, with traders closely monitoring the situation for any signs of escalation that could disrupt oil flows through this critical chokepoint.