Earlier in the week, prices had climbed on concerns that the United States could target Iranian oil infrastructure over its nuclear program. However, comments on Thursday from U.S. President Donald Trump suggesting a potential agreement with Iran within the next month pressured prices lower. U.S. officials said Friday that the Pentagon is deploying an additional aircraft carrier to the Middle East, a move that would place two carrier groups in the region as tensions with Iran intensify.
U.S. consumer prices rose less than expected in January, supported by cheaper gasoline and moderating rental inflation. With inflation appearing to stabilize, markets are increasingly expecting interest rates to decline.
A Reuters report that OPEC+ is inclined to resume output increases from April—ahead of peak summer fuel demand and amid oil price gains linked to U.S.–Iran tensions—helped prevent further rises in oil prices.
Separately, Russia announced that the next round of peace talks on Ukraine will take place next week.

Inventory data also weighed on sentiment. The American Petroleum Institute estimated that U.S. crude stockpiles surged by 13.4 million barrels in the week ending February 6, more than offsetting the prior week’s 11.1 million-barrel draw.

Adverse weather kept activity and demand across northwest Europe and the Mediterranean at subdued levels. Export cargo prices rose in Rotterdam and the Baltic region by $16 and $11, reaching $379/t and $372/t, respectively. Prices in Italy and Spain also increased by $9 and $6, settling at $364/t and $361/t.
Mediterranean market activity remained particularly weak due to widespread rain and cold weather, limiting cargo and truck demand, although prices edged up to around $363/t.
In Asia, bitumen prices showed more limited movement. Seaborne prices in Singapore eased slightly to $360/t as trading activity slowed ahead of major regional holidays. In South Korea, export cargo prices rose by $2 to $373/t, while Iranian bulk seaborne cargoes held steady at $303/t week on week.