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Oil prices fell nearly 5% on February 2, with prices dropping below $62 a barrel after Trump said Iran was in serious talks with Washington. The market reduced its geopolitical risk premium, and some profit-taking added to the decline.
OPEC+ had agreed on February 1 to keep output unchanged for March.
The unchanged OPEC+ output plan removes any near-term supply increase, but easing tensions still reduce the risk premium and push crude lower. Lower crude costs ease energy and freight expenses for feed producers.
economictimes.indiatimes.comFeb 2, 2026After 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.
After 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.
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.
Prices fell nearly 5% on US-Iran de-escalation, with profit-taking adding to the decline.
