# Oil prices fall nearly 5%, below $62/bbl on US‑Iran de‑escalation - The Economic Times

> 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.

- Date: 2026-02-02 · published 2026-02-02T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/8801-oil-prices-fall-nearly-5-below-62-bbl-on-us-iran-de-escalation-the-economic
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2026-02-02 | 1 | -6.3% | -3.7 | Prices fell nearly 5% on US-Iran de-escalation, with profit-taking adding to the decline. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-02-01 | [Oil Falls 5% on US-Iran De-Escalation - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/8799-oil-falls-5-on-us-iran-de-escalation-energy-news-top-headlines-commentaries.md) | -3.1% | +0.6% |
| BRENT | 2025-06-23 | [Oil prices tumble as Iran signals de-escalation with limited missile attack \| AP News](https://feedsoft.ai/events/9613-oil-prices-tumble-as-iran-signals-de-escalation-with-limited-missile-attack-ap.md) | -11.9% | -9.9% |
| BRENT | 2026-04-13 | [Oil prices fall as supply concerns ease on hopes for US-Iran talks - CNA](https://feedsoft.ai/events/10085-oil-prices-fall-as-supply-concerns-ease-on-hopes-for-us-iran-talks-cna.md) | -11.3% | -3.8% |
| BRENT | 2024-10-28 | [Oil prices drop by 6% as Israel's strike on Iran avoids energy facilities  \| The National](https://feedsoft.ai/events/28027-oil-prices-drop-by-6-as-israel-s-strike-on-iran-avoids-energy-facilities-the.md) | -3.3% | -0.3% |
| BRENT | 2026-05-29 | [Oil prices log steepest weekly loss since April on potential US-Iran peace deal \| The National](https://feedsoft.ai/events/12723-oil-prices-log-steepest-weekly-loss-since-april-on-potential-us-iran-peace-deal.md) | +2.5% | -21.2% |
| WTI | 2026-02-01 | [Oil Falls 5% on US-Iran De-Escalation - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/8799-oil-falls-5-on-us-iran-de-escalation-energy-news-top-headlines-commentaries.md) | -1.6% | +9.9% |
| WTI | 2025-06-23 | [Oil prices tumble as Iran signals de-escalation with limited missile attack \| AP News](https://feedsoft.ai/events/9613-oil-prices-tumble-as-iran-signals-de-escalation-with-limited-missile-attack-ap.md) | -12.2% | -9.7% |
| WTI | 2026-04-13 | [Oil prices fall as supply concerns ease on hopes for US-Iran talks - CNA](https://feedsoft.ai/events/10085-oil-prices-fall-as-supply-concerns-ease-on-hopes-for-us-iran-talks-cna.md) | -12.8% | -0.0% |

## Sources

- economictimes.indiatimes.com: https://economictimes.indiatimes.com/markets/commodities/news/oil-prices-fall-by-3-on-us-iran-de-escalation/articleshow/127850531.cms

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.