Oil Prices Face First Weekly Drop of 2026 Amid Iran-US Tensions De-Escalation

Crude oil prices are set for their first weekly decline since the start of 2026 as the risk of a direct military confrontation between the United States and Iran appears to be de-escalating. As of February 6, 2026, Brent crude traded at $68.09 per barrel and West Texas Intermediate at $63.95 per barrel, down from Monday and up from Thursday. Brent and WTI had risen for seven consecutive weeks, bolstered by U.S. foreign policy actions, with the Iran nuclear issue the primary driver. U.S.-Iran talks in Oman continue without a finalized agenda. ANZ analyst Daniel Hynes noted that unresolved tensions keep the geopolitical risk premium in place, though the Strait of Hormuz is unlikely to be closed by Iran. Iraqi-U.S.分歧 over PM Nouri al-Maliki also adds to the bullish outlook.