Oil prices dropped about 5% on Monday after U.S. President Donald Trump said Iran was “seriously talking” with Washington, easing fears of a supply disruption from the OPEC member. By 0920 GMT, Brent crude futures slid $3.63, or 5.2%, to $65.69 a barrel, while U.S. West Texas Intermediate fell $3.60, or 5.5%, to $61.61. This decline came after January’s biggest monthly gains since 2022 — with Brent up 16% and WTI 13%. UBS analyst Giovanni Staunovo attributed the move to quieter Middle East headlines and fewer outages in the U.S. and Kazakhstan. Priyanka Sachdeva of Phillip Nova noted a “renewed strength in the U.S. dollar,” and Capital Economics said geopolitical tensions had obscured a “fundamentally bearish” oil market.
