Oil Prices Tumble on Broader Commodities Selloff, U.S.-Iran Talks -- Market Talk

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Oil Prices Tumble on Broader Commodities Selloff, U.S.-Iran Talks -- Market Talk

Dow Jones02-02

0836 GMT - Oil prices plunge nearly 5% as a broader selloff sweeps commodities markets and negotiations between the U.S. 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 U.S., 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 U.S. 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.(giulia.petroni@wsj.com)

(END) Dow Jones Newswires

February 02, 2026 03:37 ET (08:37 GMT)

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