Oil prices fall sharply after Trump says Iran is seriously talking with Washington
Global crude and diesel futures tumbled on Monday after signals of potential de-escalation between Washington and Tehran emerged amid shifting weather.
Insights:
Oil prices fell roughly 5% on Monday following a statement from President Donald Trump donald trumpindicating that Iran 
IRwas seriously talking with the United States 
US government. By 11:21 a.m. ET (1621 GMT) on Feb. 2, 2026 Brent crude futures were down $3.25, or 4.7%, at $66.07 per barrel. During the same period, U.S.West Texas Intermediate crude fell $3.27, or 5%, to $61.94 per barrel. This sudden drop reflected a reduction in the geopolitical risk premium that had previously supported energy prices.
IRwas seriously talking with the United States US government. By 11:21 a.m. ET (1621 GMT) on Feb. 2, 2026 Brent crude futures were down $3.25, or 4.7%, at $66.07 per barrel. During the same period, U.S.West Texas Intermediate crude fell $3.27, or 5%, to $61.94 per barrel. This sudden drop reflected a reduction in the geopolitical risk premium that had previously supported energy prices.
