Oil Prices Fall as Markets Monitor Iran-US Negotiations

Jakarta — Global crude oil prices moved slightly lower on Friday morning (27 February 2026) following a period of relative stability in recent days. Market participants continue to await fresh direction from geopolitical developments affecting global energy supply.

According to Refinitiv data at 09.20 WIB, Brent Crude Oil was quoted at US$70.75 per barrel, down from the previous close of US$70.85 per barrel. West Texas Intermediate crude stood at US$65.21 per barrel, weakening from US$65.42 per barrel in the previous trading session.

Oil movements have shown limited downward pressure in recent days. Brent briefly touched US$71.76 per barrel on 20 February before subsequently trading in a narrow range around the US$70 mark. WTI also declined from the US$66 area towards US$65 per barrel.

According to Reuters, the oil market is currently responding to ongoing negotiations between the United States and Iran. The prospect of continued diplomatic dialogue has reduced concerns about potential disruptions to oil supplies from the Middle East region.

This situation has caused geopolitical risk premiums to contract. Consequently, oil prices are finding it difficult to breach the highs reached in mid-February. In the near term, the direction of oil prices remains heavily dependent on developments in these negotiations. As long as no fresh escalation emerges, oil is likely to trade within a limited range of US$60-70 per barrel for WTI and around US$70 per barrel for Brent.

This relatively flat movement indicates the market remains in a waiting phase, with investors refraining from taking large positions until there is clarity on sentiment direction in early March.