Commodity markets steady amid geopolitical talks

Global commodity markets showed mixed movements on February 6, 2026, as oil prices steadied ahead of high-stakes talks between the United States and Iran, easing immediate concerns over potential supply disruptions in the Middle East. Meanwhile, silver experienced extreme swings, copper extended its decline amid demand worries, and Bitcoin dipped sharply, reflecting broader investor caution in risk assets.

Oil prices held relatively firm after recent declines, with Brent crude trading near $68 per barrel and West Texas Intermediate (WTI) below $64 per barrel. Futures had fallen about 2.8% the previous day following comments from U.S. President Donald Trump indicating Iran was open to negotiations. Prices recovered somewhat after Saudi Arabia announced smaller-than-expected price cuts for Asian buyers, signaling confidence in regional demand. 

The upcoming discussions in Oman between U.S. and Iranian officials have reduced near-term fears of military escalation, though uncertainty persists over the talks' outcome and potential for prolonged tensions. In precious metals, silver exhibited dramatic volatility, lurching between sharp losses and partial recoveries. The metal dropped nearly 10% at points before rebounding, with spot silver rising as much as 3.5% after earlier tumbling toward $64 per ounce. 

This followed a 20% plunge in the prior session, erasing gains from a spectacular rally earlier in recent months. Low liquidity has exacerbated the wild swings, drawing comparisons to past speculative frenzies. In India, gold and silver exchange-traded funds (ETFs) declined sharply in response to the global dip, with silver funds plunging over 15% and gold ETFs dropping around 5%.