OPEC Outlook: Middle East Tensions Ease, Crude Prices Press to $68 and $63

Crude oil prices retreated on February 9, 2026, as easing Middle Eastern tensions reduced near-term supply disruption risks. Brent crude fell below $68 per barrel, while West Texas Intermediate approached $63, after a 3.9% decline last week. The Oman-mediated talks between the U.S. and Iran, part of broader diplomatic efforts on the nuclear program, were seen as a step forward, lessening the odds of military intervention. Traders had lifted Brent’s bullish bets since last April, with hedge funds the most bullish on Brent in the week ended February 3. Key data releases include OPEC and the International Energy Agency’s updated supply-demand balances, with a focus on flows to India and global inventory levels. Geopolitical developments and OPEC output decisions will remain key watchers this week.