Energy Markets 3 February 2026 - 6 February 2026

Oil prices hovered near unchanged on Friday, with Brent crude inching higher by 7 cents to $67.62 a barrel at 1055 GMT. U.S. WTI also gained 7 cents, trading at $63.36. The market remained on edge ahead of U.S.-Iran discussions in Oman.

Oil prices dipped over 1% on Thursday following news that the United States and Iran will meet in Oman, easing short-term concerns about disruptions in Middle East supply. Brent crude futures dropped 86 cents to $68.60 a barrel, while U.S. West Texas Intermediate fell 82 cents to $64.32.

NYMEX heating oil futures edged higher Wednesday morning, with the March contract gaining 2.90 cents, or 1.2%, to $2.4383 a gallon by 6:54 a.m. EST. Prices fluctuated between $2.4162 and $2.4467, following Tuesday’s close at $2.4093.

Brent crude futures climbed 46 cents, or 0.7%, to $67.79 a barrel by 1034 GMT Wednesday, reacting to the U.S. downing an Iranian drone and reports of Iranian gunboats near a U.S.-flagged tanker, sparking fresh concerns over supply disruptions. U.S. West Texas Intermediate gained 52 cents, or 0.8%, to $63.73, though a wider equity selloff limited upside. PVM analysts noted oil “would be lower without Middle Eastern sabre-rattling.” Support also came from industry sources citing the American Petroleum Institute, which reported a drop in U.S. crude inventories of over 11 million barrels last week. Meanwhile, traders braced for official U.S. government data due at 1530 GMT; Reuters’ poll of analysts anticipates a rise in crude stocks.

U.S. heating oil futures crept up early Tuesday, clawing back some losses after Monday’s sharp drop. The March contract added 1.9 cents, or 0.8%, to $2.3791 a gallon by 6:42 a.m. EST, according to Investing.com data. Overnight, it ranged between $2.3335 and $2.3826. Brent and U.S. crude also nudged higher, up roughly 0.1% to 0.2%.