Crude Oil Prices Surge on U.S.-Iran and Russia-Ukraine Negotiations, EIA Reports

[Para 1: The Lead] Crude oil futures surged 5.2% to $85.70 per barrel on February 4, 2026, driven by heightened geopolitical tensions. U.S.-Iran and Russia-Ukraine negotiations escalated, spiking market volatility and demand for safe-haven assets. The Energy Information Administration (EIA) reported a 3.2 million barrel increase in crude oil inventories last week, exceeding expectations. [Para 2-3: Supporting details & Context] The EIA data, released on February 4, 2026, showed an unexpected build in crude oil stocks, contrasting with market fears of supply disruptions. However, the geopolitical developments overshadowed inventory concerns, as investors priced in potential supply chain disruptions. Crude oil's robust performance reflects its role as a critical commodity in global trade and its sensitivity to geopolitical events. The market's reaction underscores the ongoing importance of geopolitical stability in energy markets.