Oil prices continue to decline amid easing supply concerns.

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Oil Prices Continue to Decline Amid Softened Supply Concerns

Oil prices experienced a drop on Friday, February 6, 2026, as fears of potential supply disruptions eased following the announcement of an agreement between the United States and Iran to engage in discussions later that day.

Brent crude futures fell by 50 cents, or 0.74%, settling at $67.05 a barrel, after witnessing a decline of 2.75% in the previous session.

Meanwhile, U.S. West Texas Intermediate (WTI) crude decreased by 52 cents, or 0.82%, to $62.77 a barrel, after closing down 2.84% on Thursday.

First Weekly Loss in Over a Month

Both oil benchmarks are heading towards their first weekly decline in more than a month, showing a decrease of over 3% from their recent highs reached at the end of January, the highest in nearly six months.

This trend reflects a cautious atmosphere in global markets, characterized by a reduction in the risk premium linked to supply shortages and the investors’ wait-and-see approach, anticipating the fallout from the upcoming discussions and their potential impact on international oil flows.

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