Oil Prices Decline as Tensions Ease in the Middle East

SadaNews - Oil prices fell as tensions in the Middle East eased, reducing the likelihood of supply disruptions in the near term.

Brent crude dipped close to $67 per barrel after losing about 4% last week, while West Texas Intermediate crude was trading near $63.

Iran and the United States held talks on Friday in Oman in an attempt to de-escalate tensions related to the Iranian nuclear program, with Tehran stating that the session was a "step forward."

As Washington mobilizes military forces in the region, U.S. President Donald Trump stated that another meeting would take place early this week.

President Trump is also scheduled to meet Israeli Prime Minister Benjamin Netanyahu on February 11, at a time when he is preparing a tariff package against countries that trade with Tehran.

Geopolitical Pressures and Global Flows Under Monitoring

Oil prices have risen since the beginning of 2026, despite widespread concerns of an impending supply glut, supported by geopolitical tensions and the halt of some flows, including supplies from Kazakhstan. However, prices fell last week following indications of progress in talks between Iran and the United States.

Traders also monitored flows to India. Trump had stated that the South Asian nation agreed to halt crude oil imports from Russia as part of a trade agreement. However, New Delhi has not directly confirmed this commitment, emphasizing that energy security remains its top priority.

Warren Patterson, head of commodity strategy at ING Groep NV, said, "If India halts its purchases of Russian oil following the trade agreement between the U.S. and India, we will need to see an expansion of discounts on Russian oil in an attempt to find alternative buyers." He added that failing to find other buyers will ultimately pressure the economic balance.

Many indicators regarding global market outlooks are expected this week, with analytical updates issued by the U.S. Energy Information Administration, OPEC, and the International Energy Agency. Furthermore, the events of "International Energy Week" in London will feature speakers including Russell Hardy, CEO of Vitol Group.

In another context, Cuba has caught the spotlight, with America escalating its pressures on Havana after its intervention in Venezuela during January. With fuel shipments effectively halted, the communist government has warned international airlines that they will be unable to refuel at the main airport in the capital over the coming month.

At 2:15 PM Singapore time, Brent crude contracts for April delivery fell by 1% to $67.34 per barrel, while West Texas Intermediate contracts also fell by the same margin to trade at $62.90 per barrel.