Oil Prices Extend Gains on Supply Concerns and Geopolitical Tensions

By News Desk on February 5, 2026

Brent, WTI Climb Further Amid Geopolitical Risks

Singapore: Oil prices extended their gains today, building on Tuesday’s rally amid renewed concerns over potential supply disruptions linked to rising regional tensions between the United States and Iran.

Brent crude futures rose 65 cents, or 1 percent, to $67.98 a barrel, while West Texas Intermediate (WTI) crude climbed 69 cents, or 1.1 percent, to $63.90 a barrel. Both benchmarks had advanced by nearly 2 percent in the previous trading session.

Market sentiment was further supported by a trade agreement between the United States and India, which bolstered expectations of stronger global energy demand. Additionally, Russia’s continued attacks on Ukraine have reinforced concerns that Russian oil supplies may remain subject to sanctions for an extended period, adding to uncertainty in global supply dynamics.

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