Oil Tumbles, US-Iran Talks in Focus

2026-02-02 02:06 By Judith Sib-at 1 min. read

WTI crude oil futures fell more than 5% to below $62 per barrel on Monday, retreating from multi-month highs as traders closely monitor US-Iran negotiations that could reduce the risk of supply disruptions.

President Trump said on Saturday that Iran was “seriously talking” with the US, shortly after Iran indicated that arrangements for talks were progressing.

This development comes amid weeks of heightened tensions, with Trump repeatedly threatening Iran with intervention if it did not halt the killing of protesters or agree to a nuclear deal, while Tehran warned of retaliation.

These tensions had helped drive prices sharply higher in January.

Adding to signs of de-escalation, reports suggested that Iran’s Revolutionary Guards’ naval forces have no plans to conduct live-fire exercises in the Strait of Hormuz, a vital global oil shipping route.

Meanwhile, OPEC+ on Sunday reaffirmed its earlier decision to keep output unchanged in March, the final month of its three-month supply pause.



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