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Brent Supported At $68/bbl

Brent supported at $68, US and Iranian officials begin talks in Oman, BP's Whiting refinery workers prepare for potential strike
Published: February 6, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
Reviewed by:
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
4 page report
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The Apr’26 Brent crude futures strengthened on Friday morning ahead of the high-stakes US-Iran negotiations in Oman. Prices initially declined but found support at $67/bbl, gradually rising up to $68/bbl by 14:00 SGT (06:00 GMT).

Iranian officials have insisted the talks will be limited to the nuclear issue, while US officials have said they must include Iran’s missiles and support for regional militias. Nonetheless, there is widespread scepticism among analysts that the sides can reach a deal and hence prevent military action. In other news, India’s Reliance has bought its first Venezuelan crude cargo since mid-2025, having taken a VLCC with a cargo of around 2mb. ConocoPhillips is prioritizing recovery of roughly $10 billion in international arbitration awards against Venezuela over new drilling investments, signalling that legal restitution and clarity on repayment and investment conditions must be resolved before US energy firms re‑enter the Venezuelan oil sector. With US shale growth slowing amid lower crude prices, major oilfield-service companies are turning to the Middle East, especially Saudi Arabia, UAE, Kuwait, and Oman, for expansion opportunities, as regional producers can sustain output at lower prices and gas projects drive demand for drilling and workover services. United Steelworkers is asking workers at BP's 440kb/d refinery in Whiting, Indiana, to prepare for a strike or lockout, the union said on Thursday after weeks of negotiations with the British oil major that did not yield results. Finally, the Apr/May and Apr/Oct Brent futures spreads are at $0.57/bbl and $2.43/bbl respectively.

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