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Oil closed sharply lower on February 2 as easing US-Iran tensions removed geopolitical risk premiums. WTI fell 4.7% to near $62 a barrel, its biggest loss since June.
A broader commodities selloff, led by metals, intensified the decline.
Removing the risk premium lowers crude costs, which eases energy and transport expenses for feed producers. The analysts say the move reflects repositioning rather than a new supply change, so the price impact depends on whether talks succeed.
rigzone.comAlex Longley, Mia GindisFeb 2, 2026After 255 past bearish geopolitics events, Crude Oil (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, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% 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.
Oil closed sharply lower on Feb 2 as easing US-Iran tensions removed the risk premium, with a broader commodities selloff intensifying the drop.
