HOUSTON: Oil prices settled down almost 3% on Thursday in choppy trading, after the US and Iran agreed to hold talks in Oman on Friday, easing concerns about Iranian crude supplies. US West Texas Intermediate crude settled down US$1.85, or 2.84%, at US$63.29. About a fifth of the world's total oil consumption passes through the Strait of Hormuz between Oman and Iran. Volatility has led investors to rush to lock in oil prices this year, trading a record number of WTI Midland at Houston contracts in January, amid concerns around Middle Eastern supply risks and more Venezuelan barrels heading to the US Gulf Coast. This week, a trade deal was announced between the US and India, which agreed to halt purchases of Russian crude.

Source: The Star February 05, 2026 23:08 UTC