World oil prices fluctuate amid escalating US-Iran tensions.

The global oil market experienced a volatile trading week, closing in positive territory on February 6th, as investors worried that negotiations between the US and Iran were insufficient to avert the risk of military conflict. However, overall for the week, oil prices remained under downward pressure due to concerns about oversupply in the market.

An oil rig in Luling, Texas, USA. Photo: THX/VNA

In trading on February 6th, oil prices reversed course and rose again after a sharp decline in the previous session. Specifically, North Sea Brent crude rose 50 cents (0.74%) to $68.05 per barrel. West Texas Intermediate (WTI) crude also edged up 26 cents (0.41%) to $63.55 per barrel.

The market's focus last week revolved around the tense relationship between the US and Iran. In the final trading session of the week, Iranian state television reported that talks mediated by Oman had concluded and diplomats would return home for consultations. Prior to this, the lack of consensus on the agenda – with Iran wanting to focus on its nuclear program while the US preferred discussions on ballistic missiles and armed groups – had kept investors on edge.

John Kilduff, a partner at Again Capital, noted that the market is caught in a "shuttle" mode regarding the situation in Iran. He believes anxiety remains the primary factor, as the situation can improve briefly only to deteriorate again. Any escalation could disrupt energy flows, as approximately 20% of global oil consumption passes through the Strait of Hormuz, a vital route for major exporters such as Saudi Arabia, the UAE, Kuwait, Iraq, and Iran.

Looking back at the past week, oil prices experienced erratic fluctuations in response to geopolitical news. The market started the week with a plunge of over 4% on February 2nd when US President Donald Trump signaled negotiations. However, this decline was quickly reversed on February 3rd and 4th, with gains of around 3% each session due to the downing of a drone and rumors of potential breakdown in negotiations. By February 5th, hopes for a diplomatic solution again caused oil prices to fall by nearly 3%.

Despite a recovery at the end of the week, oil prices remained under downward pressure overall for the week. According to analysts, in addition to geopolitical factors, the market was weighed down by a wave of widespread selling and persistent forecasts of oversupply.

On February 5th, Saudi Arabia announced a reduction in the official selling price of Arab Light crude oil to Asian markets for the March 2026 contract, bringing it down to its lowest level in approximately five years. This marks the fourth consecutive month that the world's leading oil exporter has implemented such a price cut.

Meanwhile, supply could be disrupted as trade sources indicate that Kazakhstan's oil exports via the main route through Russia could fall by as much as 35% this month, due to the slow recovery of the giant Tengiz oil field following fires at power plants in January 2026.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-the-gioi-rung-lac-truc-dien-bien-cang-thang-my-iran-20260207103712004.htm