Crude oil prices continued to rise, driven by renewed tensions between the US and Iran. Reports indicate that US President Trump has issued warnings to Iran while military forces are gathering in the region. The London Brent oil futures increased by $1.34 to settle at $68.67 per barrel, while NY WTI rose by $1.93 to $65.14 per barrel, notes UOB's Global Economics & Markets Research Team.

Oil prices increase on geopolitical concerns

"Crude oil prices rose further on Wed, as conflicting reports stoked concerns about US-Iran tensions."

"US President Trump renewed warnings to Iran’s leaders as US military forces gather in the region, even as diplomacy appeared to be on track, with Tehran confirming nuclear talks with the US will take place in Oman on Fri (6 Feb)."

"Meanwhile, EIA reported that US crude inventories fell by 3.46 million barrels last week while output in the Lower 48 dropped to the lowest since Nov 2024 as freezing temperatures disrupted drilling."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)