Oil at a Crossroads as US–Iran Talks Loom

Oil at a Crossroads as US–Iran Talks Loom

Oil has not been moving for days. The current geopolitical tension is creating an even more confusing path for one of the most traded commodities.

The problem this time is Iran.
The White House confirmed that the US and Iran will meet for talks in Oman on Friday (February 6, 2026) over Tehran’s nuclear program, but a disagreement over the agenda suggests that progress will be difficult to achieve amid the threat of a regional war in the Middle East.

Technical Analysis:
From a technical perspective, oil is moving inside a contracting triangle pattern, showing hesitation in direction. In my opinion, it will only move after the news above. It’s news-related

If the US and Iran fail to reach a deal, oil could move above the triangle, opening the door for further gains as shown in the chart

If the US reaches a deal with Iran, oil could break the triangle and start the downward movement, as shown in the chart.