Upcoming Trading Date: New York, February 9 2026
- Oil prices head into Monday, February 9, 2026 cautiously higher after recent volatility, with Brent up about 0.25% and WTI up roughly 0.24% in the last session as traders weigh easing U.S.–Iran tensions against lingering supply risks.
- Analysts remain mixed on the outlook, with several banks cutting 2026 price forecasts on expectations of ample supply, while others point to stronger-than-expected demand growth that could help stabilize prices.
- Broader market sentiment and upcoming catalysts — including geopolitical developments, U.S. inventory data, and any fresh OPEC+ signals — are expected to drive near-term oil price direction in the next trading session.
Oil markets are headed into the trading session on Monday, February 9, 2026, with traders parsing a mix of fresh geopolitical news, shifting analyst forecasts, and broader sentiment swings across global risk assets. After a week of sharp moves driven by escalating tensions between the U.S. and Iran, benchmark crude prices have settled into a cautious footing as markets assess near-term supply risks and the economic backdrop.
In the most recent session, Brent crude futures rose modestly to around $68.22 per barrel (+0.25%) and U.S. West Texas Intermediate (WTI) edged higher to roughly $63.73 (+0.24%), following a slight rebound from last week’s losses. These moves came after both contracts had dropped late last week amid renewed optimism surrounding indirect U.S.–Iran talks, marking the first weekly decline in several weeks.(Reuters)
The latest round of geopolitical headlines has kept traders on edge. Early in the week, crude prices climbed ~2–3% after the U.S. shot down an Iranian drone near the Arabian Sea and Iranian gunboats approached a U.S.-flagged tanker near the Strait of Hormuz — stoking fears that negotiations to de-escalate could falter and potentially disrupt oil flows through a key chokepoint.(Reuters) However, later in the same period, oil slid more than 3% when the U.S. and Iran agreed to talks in Oman — easing immediate conflict worries.(brecorder)
Analysts have also been adjusting their views as market fundamentals evolve. A Reuters-compiled survey of economists and industry analysts forecasts that global oil prices will remain under pressure over the course of 2026, with Brent crude expected to average around $61.27 per barrel and WTI around $58.15, reflecting supply growth outpacing demand.(Reuters) Meanwhile, investment bank forecasts from Goldman Sachs suggest even deeper pressure, projecting Brent/W TI averages closer to $56/$52 for 2026 and warning that continued stock builds could push prices lower before a recovery takes hold in 2027.(Investing)
Despite these bearish elements, not all analysts are aligned. The International Energy Agency’s January 2026 Oil Market Report lifted its demand growth estimate for the year, suggesting stronger consumption might partly offset supply gains — a nuance traders will be watching closely heading into Monday.(EIA)
Broader markets have been moving in tandem. Risk-off sentiment in equities during parts of last week, particularly in tech stocks, coincided with oil price volatility, underscoring how commodities are still sensitive to shifts in global risk appetite.(Business Insider)
As for the upcoming session on February 9, traders will be watching several key catalysts. The immediate drivers include updates on U.S.–Iran diplomatic progress (or lack thereof), weekly U.S. crude inventory data, and any fresh commentary from OPEC+ as the group signals its stance on production quotas amid a surplus environment. Analyst updates or revisions to 2026 price forecasts from major houses such as Goldman, Citi, and others will also be in focus, given how they shape expectations for future supply-demand balance.