Friday, February 06 2026

Oil extends decline ahead of US-Iran talks
US crude futures rose slightly on Friday but were on track for their first weekly drop in seven weeks as supply concerns eased, and investors focused on the outcome of US-Iran nuclear talks in Oman later in the day. Brent crude futures rose 25 cents, or 0.4%, to $67.80 a barrel at 0353 GMT, while the US West Texas Intermediate crude was also up 25 cents, or 0.4%, at $63.54 a barrel. The benchmarks are down more than 3% from near six-month highs reached in late January when US President Donald Trump threatened to strike Iran, with the two sides set to hold talks in Oman on Friday. However, Tehran and Washington have not agreed on the agenda for the meeting. Iran wants to discuss only nuclear issues, while the US is pressing to include Iran’s ballistic missiles, support for armed groups around the region and the treatment of its people.
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Wednesday, February 04 2026

Oil extends climb on fears of escalating Middle East tensions
Oil prices extended gains on Wednesday after the US shot down an Iranian drone and armed Iranian boats approached a US-flagged vessel in the Strait of Hormuz, rekindling fears of an escalation in tensions between Washington and Tehran. Brent crude futures were up 56 cents, or 0.8%, at $67.89 per barrel at 0400 GMT. US West Texas Intermediate crude was up 63 cents, or 1.0%, at $63.84 per barrel. Both benchmarks rose nearly 2% on Tuesday, as investors monitored developments between the US and Iran. “Uncertainty about how these talks will play out means the market will likely continue to price in some risk premium,” said ING commodity strategists on Wednesday.
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Tuesday, February 03 2026

Retail & storage network: Wafi Energy plans USD100m investment
The Wafi Energy Pakistan Ltd has signalled plans to invest up to USD100 million over the next two to three years to expand its retail and storage network, while urging the government to ensure a clear and predictable fiscal framework to boost investor confidence. Federal Minister for Finance and Revenue Muhammad Aurangzeb on Monday reaffirmed the government’s commitment to sustaining macroeconomic stability, strengthening foreign exchange buffers, and enhancing investor confidence during a meeting with a delegation of Wafi Energy Pakistan Ltd.
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Oil steady as markets consider possible US–Iran de-escalation, firm dollar
Oil prices held steady on Tuesday as market participants weighed the possibility of a de-escalation in U.S.-Iran tensions, with a firmer dollar limiting the upside. Brent crude futures were up 6 cents, or 0.1%, at $66.36 per barrel at 0102 GMT. U.S. West Texas Intermediate crude was at $62.24 per barrel, up 0.2%. Oil prices fell more than 4% on Monday after U.S. President Donald Trump said Iran was “seriously talking” with Washington, signaling a de-escalation of tensions with the OPEC member. Iran and the U.S. are expected to resume nuclear talks on Friday in Turkey, officials from both sides told Reuters on Monday, and Trump warned that with big U.S. warships heading to Iran, bad things could happen if a deal was not reached.
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Monday, February 02 2026

Trump says he welcomes Chinese investment in Venezuelan oil
US President Donald Trump said Saturday he would “welcome” Chinese investment in Venezuela’s oil industry as the South American country seeks to revive its battered economy following the ouster of leader Nicolas Maduro. Venezuela sits on the world’s largest proven oil reserves and reformed laws this week to open the sector up to private and foreign investment. China had been the dominant buyer of Venezuelan oil under Maduro, whose January 3 capture by US forces drew condemnation from China’s foreign ministry and made uncertain Beijing’s future with Caracas. “China is welcome to come in and would make a great deal on oil. We welcome China,” Trump told reporters Saturday on Air Force One.He noted Venezuela’s Interim President Delcy Rodriguez on Friday agreed to an energy cooperation deal with India.
Related news categories: business misc oilgas-exploration oilgas-marketing