Oil prices snap three-day winning streak on US–Iran talk hopes. Where are crude futures headed next?

Oil prices snapped their three-day rising streak, falling nearly 1% in the international markets on Thursday, February 5, after the US and Iran agreed to hold negotiation talks in Oman, easing fears of a possible military confrontation that could disrupt supplies from the key Middle East oil-producing region.

Brent crude futures slipped 1.4% to $68.47 a barrel, while U.S. West Texas Intermediate crude fell 91 cents, also 1.4%, to $64.23. Meanwhile, back home, MCX crude oil prices were down 2% to the ₹5,700 level on Thursday.