Oil prices tumble on broader commodities selloff, US-Iran talks
2/2/2026 11:44:00 AM
Oil prices plunge nearly 5% as a broader selloff sweeps commodities markets and negotiations between the US and Iran ease supply concerns. Brent crude slides 4.6% to $66.10 a barrel, while WTI is down 4.7% to $60.92 a barrel.
Trump told reporters that he believes Iran is negotiating seriously with the US, tempering concerns about an imminent confrontation that could disrupt supplies in the oil-rich region. "This removed some risk premium out of the market, even as US military presence in the region continues to build," ANZ analysts say. "Nevertheless, tension remains high." A firmer US dollar also pressured prices by making dollar-denominated commodities more expensive for overseas buyers. Separately, key members of OPEC+ agreed to keep oil output unchanged at their Sunday meeting.
Trump told reporters that he believes Iran is negotiating seriously with the US, tempering concerns about an imminent confrontation that could disrupt supplies in the oil-rich region. "This removed some risk premium out of the market, even as US military presence in the region continues to build," ANZ analysts say. "Nevertheless, tension remains high." A firmer US dollar also pressured prices by making dollar-denominated commodities more expensive for overseas buyers. Separately, key members of OPEC+ agreed to keep oil output unchanged at their Sunday meeting.