Monday, February 2, 2026

Oil prices plunge after Trump says hopeful over Iran talks

Oil prices plunged Monday after Donald Trump said he was hopeful of reaching a deal with Iran, easing concerns about a conflict between the two in the crude-rich region.

West Texas Intermediate sank 3.4 percent to $62.99 while Brent shed 3.2 percent to 67.09 in early Asian trade following the US president's comments.

 Commenting on Iranian Supreme Leader Ayatollah Ali Khamenei’s warning that the United States’ armed aggression against Iran would lead to a regional conflict, Trumps said that the possibility of such a conflict depends on whether the Washington and Tehran would be able to make a deal.

"Why wouldn't he say that?" he said. "If we don't make a deal, then we'll find out whether or not he was right."

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