(Feb 4): Oil rose for a second day as geopolitical tensions resurfaced following the US downing of an Iranian drone near an American aircraft carrier in the Arabian Sea. West Texas Intermediate advanced toward US$64 (RM251.68) a barrel after adding 1.7% on Tuesday (Feb 3) while Brent closed above US$67. The skirmish spooked oil markets, but US President Donald Trump reiterated the sides are maintaining diplomatic talks and White House Press Secretary Karoline Leavitt confirmed US-Iran negotiations are still scheduled for Friday. In another sign of rising tensions, a US-flagged oil tanker was hailed by Iranian ships in the Straits of Hormuz, a vital waterway for global trade. Elsewhere, Opec+ expects global oil demand to grow gradually from March or April, bringing additional balance to the market, according to Russian Deputy Prime Minister Alexander Novak.

Source: The Edge Markets February 04, 2026 00:40 UTC