Oil futures fall on easing tensions but risks remain
2 February 2026
Time to read: minutes
Crude futures slide as U.S.-Iran tensions ease, but markets still face headline risks, Sparta Commodities’ Neil Crosby writes. President Trump said over the weekend he believes Iranian leaders are negotiating seriously, but the U.S. military buildup continues. Crosby says risk remains “as we wait to see whether negotiation or confrontation will dominate the narrative.” He says Washington’s “exact intentions and timings remain as ever, difficult to read.” WTI futures fall 4.9%, the largest decline since June, to $61.92 a barrel.
Wall Street Journal, February 2, 2026 – Oil prices slid nearly 3% in early Asian trade on signs of serious U.S.–Iran negotiations and no imminent airstrikes, with TD’s Ryan McKay warning that further downside is likely if fading geopolitical risk premium aligns with weakening fundamentals.
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