Global energy markets are seeing a decline in oil prices after Tehran officially confirmed plans for talks with Washington on Friday, February 6, 2026. This was reported by Bloomberg, writes UNN.
Details
The price of West Texas Intermediate (WTI) crude oil adjusted to $64 per barrel after a previous two-day rise. The benchmark Brent crude is trading at around $69 per barrel. Traders note that diplomatic signals from the Donald Trump administration and Iran's willingness to engage in dialogue have partially offset the "geopolitical premium" that previously pushed prices up due to threats of strikes on Iranian oil infrastructure.
Despite positive expectations, volatility remains in the market. The parties have significant disagreements regarding the format and agenda of the meeting: the US insists on discussing a broader range of security issues, while Iran seeks to limit negotiations exclusively to its nuclear program. This creates uncertainty as to whether a real breakthrough can be achieved in the first stage of negotiations.
Impact of US inventories and the Ukrainian factor
An additional factor influencing prices was data from the US Energy Information Administration (EIA), which recorded a drop in commercial crude oil inventories by 3.5 million barrels. This reduction was less than analysts expected, which also limited the potential for further price increases.
Meanwhile, the market is closely monitoring the situation in Ukraine. President Volodymyr Zelenskyy emphasized that Russian attacks on energy infrastructure affect the course of peace initiatives and called on US President Donald Trump to increase military aid. As Russia remains a major player in the oil market, any escalation or de-escalation of the war directly affects the cost of energy worldwide.
WisdomTree Oil Fund sees record inflows amid Iran tensions05.02.26, 01:50