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Brent Flat at $69/bbl

Brent steady near $69 Doji; US–Russia tensions, India holds policy, BP profit falls, Iraq boosts refining exports
Published: February 10, 2026
Written by:
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
Reviewed by:
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
4 page report
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The Apr’26 Brent futures contract has seen no net change in the morning, forming a Doji daily candlestick at $69.00/bbl at the time of writing (10:25 GMT). The contract reached a high of $69.42/bbl at 09:10 GMT.

Russia’s Foreign Minister Sergei Lavrov accused the United States of pressuring India and other nations to stop buying Russian oil through sanctions, tariffs, and restrictions, calling the measures coercive. He claimed Washington is attempting to control global energy markets and force countries to purchase more expensive American fuel instead. India reiterated that its energy policy is driven by national interest, focusing on availability, fair pricing, and reliable supply. BP has reported a 16% drop in annual profits following the slump in wholesale oil prices at the end of 2025. The company reported Q4 2025 profit of $1.54 billion, down from $2.21 billion in the previous quarter due to lower production realisations, refinery issues, and softer demand. The Iraqi Ministry of Oil said Iraq’s refineries, including Salah al-Din-3, North-2 (140 kb/d combined), and the Karbala Refinery, are now operating at full capacity to achieve fuel self-sufficiency and reduce imports. Backed by Prime Minister Mohammed Shia' al-Sudani, upgrades like FCC units in Basra and a hydrotreating plant in Kirkuk have raised fuel quality to Euro 5 standards, enabling Iraq to begin exporting refined products. Finally, at the time of writing, the front-month (Apr/May) and 6-month (Apr/Oct) Brent futures spreads are at $0.67/bbl and $2.55/bbl, respectively.

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