Oil prices rose more than 1% on Friday, February 5, 2026, after a steep fall the previous day.
Oil prices were, however, heading for their first weekly drop in nearly two months, as supply concerns eased and investors focused on the outcome of United States-Iran talks due later on Friday.
Brent crude futures rose 78 cents, or 1.2%, to $68.33 a barrel by 0658 GMT, while U.S. West Texas Intermediate crude was up 80 cents, or 1.3%, at $64.09 a barrel.
Brent was set to end the week 3.3% down with a drop of 4.8% from late-January highs, as WTI headed for a weekly fall of 1.8% and a 3.4% fall from last month’s near six-month high after U.S. President Donald Trump threatened to strike Iran.
Lack of consensus on the agenda for the meeting between the Iran and the United States in Oman has kept investors anxious about geopolitical risk.
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Iran wants to stick to nuclear issues, while the United States wants to discuss Iran’s ballistic missiles and support for armed groups in the region.
“The two sides remain well apart, leaving tensions elevated. This should see the geopolitical risk premium remain in place,” ANZ analyst Daniel Hynes said in a statement.
Any escalation of tension between the two nations could disrupt oil flows, since about a fifth of the world’s total consumption passes through the Strait of Hormuz between Oman and Iran.
Saudi Arabia, the United Arab Emirates (UAE), Kuwait, and Iraq export most of their crude via the strait, as does fellow OPEC member Iran.
If the U.S.-Iran talks ease the prospect of conflict in the region, oil prices could decline further, Reuters reported.
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