Oil prices fell as tensions in the Middle East eased, reducing the likelihood of near-term supply disruptions.
Brent crude fell to near $67 a barrel, after losing about 4% last week, while West Texas Intermediate crude traded near $63.
Iran and the United States held talks on Friday in Oman in an attempt to ease tensions related to Iran's nuclear program, and Tehran said the session was a step forward.
As Washington amassed military forces in the region, US President Donald Trump said another meeting would be held early this week.
The US leader is also scheduled to meet with Israeli Prime Minister Benjamin Netanyahu on February 11, at a time when he is preparing a package of tariffs on countries that do business with Tehran.
Geopolitical pressures and global flows under scrutiny
Oil prices have risen since the start of 2026, despite widespread concerns about an impending supply glut, supported by geopolitical tensions and disruptions to some flows, including supplies from Kazakhstan. However, prices fell last week amid signs of progress in talks between Iran and the United States.
Traders also monitored flows into India. Trump had said the South Asian nation agreed to halt crude oil imports from Russia as part of a trade deal. However, New Delhi did not directly confirm this commitment, with the government maintaining that energy security remains its top priority.
Warren Patterson, head of commodity strategy at ING Group NV, said that if India halts its purchases of Russian oil following the US-India trade agreement, we will need to see discounts on Russian oil widen in an effort to find alternative buyers. He added that failing to find other buyers will ultimately tighten the economic balance.
Several indicators regarding the global market outlook are expected to become available this week, with analytical updates from the US Energy Information Administration, OPEC, and the International Energy Agency. Additionally, the International Energy Week in London will feature speakers including Russell Hardy, CEO of the Vitol Group.
Meanwhile, Cuba was in the spotlight as the US intensified its pressure on Havana following its intervention in Venezuela in January. With fuel shipments effectively halted, the communist government warned international airlines that they would be unable to refuel at the capital's main airport for the next month.
At 2:15 p.m. Singapore time, Brent crude futures for April settlement fell 1% to $67.34 a barrel, while West Texas Intermediate crude futures fell by the same percentage to trade at $62.90 a barrel.
