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News
Tuesday, February 17, 2026
What’s happening: WTI oil prices edged higher this morning but remained below the $65 resistance level.
What happened: WTI prices added to gains this morning, after climbing 1.4% in the previous session, on simmering tensions between the US and Iran ahead of their talks today.
Brent crude prices continued to be under pressure on oversupply concerns.
Why it matters: WTI crude oil prices rose this morning, amid continued tensions between the US and Iran. The two countries are scheduled to resume talks in Geneva later today, following initial talks in Oman on February 6.
On Monday, Iran conducted a maritime drill in the Strait of Hormuz, which is a critical oil transit route. The country performed this drill after the US deployed a second aircraft carrier in the region.
Meanwhile, Iran sanctions remain in place, impacting about 1.6 million barrels per day of oil exports from the country.
Reports of the OPEC+ being in discussions to resume output hikes in April kept the pressure on oil prices.
The massive US job revisions for 2025 continue to be a dampener for oil prices. Last week, the US Bureau of Labor Statistics revised down its employment growth benchmark for the 12 months through March 2025 by 862,000 jobs.
WTI Crude oil prices rose 0.91% to $63.46 this morning, while Brent crude was down 0.50% to $68.31.
What to watch: Investors will monitor the outcome of the talks between Iran and the US, scheduled for later today. Movements in the US dollar will also remain in focus, as the greenback impacts demand for oil by foreign currency holders.
Context: The USD/CAD forex pair rose this morning as investors digested the latest economic data.
Details: Data released on Monday showed Canada’s manufacturing sales surged by 0.6% to C$71 billion in December, compared to a 1.3% decline in November. The figure also came in higher than the preliminary reading of a 0.5% gain. Sales grew in 12 of the 21 manufacturing subsectors during the month.
Housing starts in Canada dipped by 15% to a reading of 238,049 in January, coming in below market estimates of 263,300. This marked the weakest rate in five months.
Strength in the US dollar exerted pressure on the Canadian currency this morning. The US dollar index, which measures the greenback’s performance versus a basket of major peers, gained 0.2% to 97.12.
The USD/CAD pair rose around 0.1% to 1.3644 this morning.
What to watch: Investors await the release of economic data on Canada’s inflation rate (1730 UAE Time), foreign securities purchases (1730 UAE Time) and wholesale sales (1730 UAE Time) today. The headline inflation rate in Canada, which surged to 2.4% in December from 2.2% in the previous month, is expected to remain at 2.4% in January.
Canada’s wholesale trade is projected to surge by 1.9% in December following a previous reading of a 1.8% decline.
Other Markets: European indices closed mostly higher on Monday, with the Stoxx 600, CAC 40 and FTSE 100 up by 0.13%, 0.06% and 0.26%, respectively, and the DAX down by 0.46%.
Russia launched six missiles and 62 long-range strike drones at Ukraine overnight. The news sent the USD/RUB pair lower in forex trading this morning.
New Zealand’s annual food inflation surged to 4.6% in January from 4% in the previous month, which exerted pressure on the NZD/USD forex pair.
Israel’s economy grew at an annualised pace of 4.0% in the fourth quarter, easing from a 12.7% expansion in the previous quarter, which sent the USD/ILS pair higher in forex trading this morning.
India’s merchandise trade deficit rose to $34.68 billion in January from $23.43 billion in the year-ago period. The latest gap coming in above market estimates of $26 billion lent support to the USD/INR forex pair.
Peru’s GDP grew by 3.83% year-over-year in December, accelerating from 1.53% in November. However, the USD/PEN pair rose in forex trading this morning.
Italy’s balance of trade (1300 UAE Time), South Africa’s unemployment rate (1330 UAE Time) and unemployed persons (1330 UAE Time), UK’s labour productivity (1330 UAE Time), Eurozone’s ZEW economic sentiment index (1400 UAE Time), Germany’s ZEW economic sentiment index (1400 UAE Time), ZEW current conditions (1400 UAE Time) and 2-year Schatz auction (1430 UAE Time) as well as US ADP employment change weekly (1715 UAE Time), NY Empire State manufacturing index (1730 UAE Time) and NAHB housing market index (1900 UAE Time).
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