New York crude down 7% to $78.40 after diplomatic talks ease regional tensions

Brent crude futures fell 7.0% to $79.20 per barrel on February 05, 2026, as diplomatic efforts to end conflicts in the Middle East and North Africa gained momentum. The drop followed late-night talks in Vienna and Doha that signaled a potential easing of hostilities. With supply outlooks remaining stable and U.S. oil production unchanged at 12.7 million barrels per day, the price decline reflects risk-off sentiment and reduced geopolitical uncertainty. The move could pressure energy ETFs and crude-linked derivatives as traders adjust positions.