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Oil Prices 26 January 2026 - 2 February 2026

Brent oil price slips from five-month high as Trump hints at Iran talks

Brent oil price slips from five-month high as Trump hints at Iran talks

Brent crude futures dropped 68 cents, nearly 1%, to $70.03 a barrel by 0958 GMT on Friday. The move came after U.S. President Donald Trump hinted at possible talks with Iran, easing worries about supply disruptions. The March contract expires later Friday; meanwhile, the more active April contract slid 80 cents, or 1.15%, to $68.79. U.S. West Texas Intermediate also dipped 72 cents, or 1.1%, to $64.70. “Trump’s willingness to give diplomacy a chance regarding Iran … makes a U.S. military intervention less likely than yesterday,” said PVM analyst Tamas Varga, who cited a stronger dollar and bouncing supply as factors behind the profit-taking.
30 January 2026
Crude oil price today: Brent slips from $70 as Trump hints at Iran talks, OPEC+ decision looms

Crude oil price today: Brent slips from $70 as Trump hints at Iran talks, OPEC+ decision looms

Oil prices dropped Friday after U.S. President Donald Trump hinted at possible talks with Iran, easing concerns over a sudden supply disruption from a military strike. By 0958 GMT, Brent crude futures for March, set to expire later that day, dipped 68 cents—nearly 1%—to $70.03 a barrel. The more actively traded April contract slid 80 cents, or 1.15%, landing at $68.79. U.S. West Texas Intermediate crude fell 72 cents, or 1.1%, to $64.70.
30 January 2026
Oil prices slip from five-month highs as Trump hints at Iran talks; OPEC+ decision looms

Oil prices slip from five-month highs as Trump hints at Iran talks; OPEC+ decision looms

Oil prices dropped nearly 1% on Friday after U.S. President Donald Trump hinted at the possibility of talks with Iran on its nuclear program, easing immediate concerns about a U.S. strike disrupting supply. By 0958 GMT, Brent crude futures had slipped 68 cents to $70.03 a barrel. The March contract, nearing expiration, gave way to the April contract, which fell 80 cents to $68.79. U.S. WTI also dropped 72 cents, settling at $64.70. “President Trump’s willingness to give diplomacy a chance regarding Iran seemingly makes a U.S. military intervention less likely than yesterday,” said PVM Oil Associate analyst Tamas Varga, who cited profit-taking and a stronger dollar as additional factors.
30 January 2026
Brent oil price jumps above $70 as Iran strike fears flare; traders eye OPEC+ and U.S. stocks

Brent oil price jumps above $70 as Iran strike fears flare; traders eye OPEC+ and U.S. stocks

Brent crude futures jumped more than 2% on Thursday and briefly traded above $70 a barrel, a four-month high, as investors weighed the risk of a U.S. military strike on Iran, OPEC’s fourth-largest producer at about 3.2 million barrels per day. Brent was up $1.39, or 2.03%, at $69.79 by 1011 GMT after touching $70.35; U.S. West Texas Intermediate rose $1.37 to $64.58. The immediate fear is Iran could “close the Strait of Hormuz” — a route for about 20 million barrels per day of oil — PVM analyst John Evans said, while DBS Bank’s Suvro Sarkar called the geopolitical risk premium the “main driver.”
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