Brent crude falls nearly 2% but holds above $68

10:32 AM (Mecca time) Argaam
Oil barrels

Oil barrels

Oil prices lost nearly 2% in early session today, Feb. 5, after the United States and Iran agreed to hold talks, easing concerns that a potential military conflict between them could disrupt supplies from the Middle East region.

 

Brent crude was trading down 1.95% at $68.09 a barrel, at 09:30 am Makkah time. West Texas Intermediate (WTI) slumped 2% to $63.84 a barrel.

 

Mukesh Sahdev, CEO of XAnalysts consultancy, explained that oil prices lost part of the "geopolitical risk premium" that had been supporting them, driven by news of the Oman talks scheduled for Friday between the US and Iran, Reuters reported.

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