As the second round of talks between Iran and the United States regarding Tehran's nuclear program took place in the Swiss city of Geneva, the two countries sharply escalated their militaristic rhetoric and action.
U.S. President Donald Trump said Iran wanted to make a deal and it wouldn't want the consequences of not making it, referring to the American bombing of Iranian nuclear sites last year.
"We could have had a deal instead of sending the B-2s in to knock out their nuclear potential. And we had to send the B-2s,"Trump said. "I hope they're going to be more reasonable."
As the U.S. ramps up its military presence in West Asia, Iran's supreme leader Ayatollah Ali Khamenei said,
"More dangerous than an aircraft carrier is the weapon that can send it to the bottom of the sea."
Related: Oil rally on Iran tensions deepens Bitcoin traders' woes
Oil prices react to Iran's military drill in Strait of Hormuz
Iran responded to the U.S. military build-up by launching missiles into the Strait of Hormuz. Located in the Gulf between Oman and Iran, the Strait is considered a vital international waterway and oil export route from Gulf Arab states.
The country has closed parts of the Strait which carries about 20 million bpd, roughly 20% of global petroleum liquids consumption.
The West Texas Intermediate (WTI), the crude oil benchmark in North America, rose 1.14% today to trade at $63.61 at the time of writing. Brent Crude, the global oil benchmark, however, fell 0.19% today to trade at $68.52 at press time.
More News:
-
172-year-old bank cuts XRP price target after December upgrade
-
Select Americans receive $1,200 in monthly payments as rents soar
-
Jim Cramer issues blunt warning, predicts next Bitcoin bottom
Gold, silver, crypto prices drop
In contrast to oil, precious metals fell today as tensions between the U.S. and Iran escalated.
Gold fell 1.55% today to $4,916.93 per ounce, and silver fell 3.31% to trade at $74.23 per ounce.
Cryptocurrencies, which are already under pressure, felt more stress following the escalation today.
Bitcoin (BTC), the leading cryptocurrency, fell 2.4% over the last 24 hours to trade at $68,023.80 at press time.
Ethereum (ETH) fell 1.5% to trade at $1,979. XRP fell 3.4% to $1.46, and Solana (SOL) fell 2% to $84.70.
The total crypto market cap fell 0.3% over the last 24 hours to $2.41 trillion.
Related: Iran strikes Israeli stock exchange in blow to financial hub
This story was originally published by TheStreet on Feb 17, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
