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Oil prices fell on February 2 after the US and Iran agreed to resume nuclear talks, reducing fears of a conflict. Brent dropped about 4.9% to around $65.92 a barrel and WTI fell 5.3%.
A stronger dollar and milder US weather forecasts also weighed on prices.
Easing conflict risk removes the supply-disruption premium from crude, which lowers energy and freight costs for feed makers. Milder US weather reduces diesel demand for heating and power, adding to the bearish pressure.
bloomberg.comSalma El WardanyFeb 1, 2026
cnbc.comReutersFeb 1, 2026
reuters.comOlesya AstakhovaFeb 1, 2026
rigzone.comAndreas ExarheasFeb 2, 2026After 255 past bearish geopolitics events, WTI moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, BRENT moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 51 past bearish geopolitics events, DIESEL moved a median -2.4% over 5 sessions (37% higher; middle half -8.2% to +3.9%), and -2.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Brent fell about 4.9% to around $65.92 on resumed US-Iran nuclear talks, a stronger dollar and milder US weather; OPEC+ holding output flat gave no offsetting support.
