NEW YORK: Oil prices surged about 3% on Wednesday after a media report suggested planned talks between the United States and Iran on Friday could collapse. The US rejected Iran's request to change the location of talks planned for Friday, Axios reported on Wednesday, citing two US officials. "If a hot war is seen in Iran, this could put Iran's 3.4 million b/d of supply at risk. The US and Iran were due to hold talks in Oman on Friday, according to a regional official. US crude oil inventories fell by 3.5 million barrels to 420.3 million barrels last week, as oil output slid to the lowest level since November 2024, the EIA said, compared with analysts' expectations in a Reuters poll for a 489,000-barrel rise.

Source: The Star February 05, 2026 07:05 UTC