Daily Oil Fundamentals

A Week of Futile Diplomacy

23 Feb 2026

A Week of Futile Diplomacy

A huge amount of ink has been spilt recently describing the perpetually evolving state of affairs in the two global hotspots that keep the oil fraternity on the edge of its seat. Last week’s events imply that the focus will firmly remain on Ukraine and Iran in the foreseeable future. The two major crude oil contracts, WTI and Brent, rallied to their highest levels since last July and clocked weekly gains of 5.5% and 6% respectively.

Daily Oil Fundamentals

The Fear Factor and Stock Drawdowns

20 Feb 2026

The Fear Factor and Stock Drawdowns

Ukraine and Iran are raising the prospect of a genuine, albeit possibly short-lived, disruption to oil supply. The more imminent danger is a potential US attack on Iran, although President Trump has described the ongoing talks as constructive. Yet his patience appears to be wearing thin over the lack of tangible progress, and he has said that the next 10-15 days will determine which path the US chooses in dealing with its Middle Eastern adversary.

Daily Oil Fundamentals

Nvidia, the Author of Global Wealth

19 Feb 2026

Nvidia, the Author of Global Wealth

Given the suspense afforded to markets on whether the US will go ahead and strike at Iran, and the collective fear of oil prices chasing on beyond $100/barrel as a consequence, ought to stifle any stock market exuberance. Additionally, the split for the outlook in policy outlined in the FOMC minutes from January leaves an uncertain road to any sort of US Central Bank easing should also make for uncomfortable reading for bourse bulls.