Crude Oil Prices Plunge 3% Amid US-Iran De-escalation Hopes
Commodity
M
Moneycontrol•02-02-2026, 08:25
Crude Oil Prices Plunge 3% Amid US-Iran De-escalation Hopes
- •Crude oil prices dropped by 3% on Monday, with Brent crude futures falling to $67.28 per barrel and US WTI crude to $63.17 per barrel.
- •The decline followed US President Donald Trump's statement that Iran was "seriously talking" with Washington, signaling a de-escalation of tensions.
- •Prices had previously reached multi-month highs due to threats of military conflict between the US and Iran.
- •Reports also indicated that the Iranian Revolutionary Guards' naval forces do not plan live-fire exercises in the Strait of Hormuz, further easing tensions.
- •OPEC+ agreed to maintain current oil output levels for March, with geopolitical risks currently masking a bearish oil market outlook.
Why It Matters: Crude oil prices fell sharply as US-Iran tensions eased, reducing geopolitical risk premium.
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