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Home > Finance > Oil drops more than 1% as concerns about possible US-Iran conflict ease

Oil drops more than 1% as concerns about possible US-Iran conflict ease

Published by Global Banking & Finance Review®

Posted on February 8, 2026

1 min read

Last updated: February 8, 2026

Oil drops more than 1% as concerns about possible US-Iran conflict ease - Finance news and analysis from Global Banking & Finance Review

Tags:energy market

Quick Summary

Oil prices fell over 1% as US-Iran tensions eased after successful nuclear talks, impacting Brent and WTI crude futures.

Oil drops more than 1% as concerns about possible US-Iran conflict ease

Impact of US-Iran Relations on Oil Prices

SINGAPORE, Feb 9 (Reuters) - Oil prices dropped more than 1% at Monday's open as concerns about a possible conflict in the Middle East between the U.S. and Iran eased after both countries finished a round of talks on Friday.

Current Oil Price Trends

Brent crude futures fell 89 cents, or 1.31%, to $67.16 a barrel by 2309 GMT.

Nuclear Talks and Market Reactions

U.S. West Texas Intermediate crude was at $62.76 a barrel, down 79 cents, or 1.24%.

Iran's top diplomat said on Friday that nuclear talks with the U.S. mediated by Oman were off to a “good start” and set to continue, in remarks that could help allay concern that failure to reach a deal might nudge the Middle East closer to war.

(Reporting by Florence Tan; Editing by Jamie Freed)

Key Takeaways

•Oil prices fell over 1% due to eased US-Iran tensions.
•Brent crude futures dropped to $67.16 a barrel.
•West Texas Intermediate crude decreased to $62.76 a barrel.
•Nuclear talks between the US and Iran show positive signs.
•Market reactions are influenced by geopolitical developments.

Frequently Asked Questions about Oil drops more than 1% as concerns about possible US-Iran conflict ease

1What is Brent crude oil?

Brent crude oil is a major trading classification of crude oil originating from the North Sea. It serves as a benchmark for oil prices globally.

2What are crude oil futures?

Crude oil futures are contracts to buy or sell oil at a predetermined price at a specified time in the future, allowing traders to hedge against price fluctuations.

Impact of US-Iran Relations on Oil Prices

Current Oil Price Trends

Brent crude futures fell 89 cents, or 1.31%, to $67.16 a barrel by 2309 GMT.

Nuclear Talks and Market Reactions

U.S. West Texas Intermediate crude was at $62.76 a barrel, down 79 cents, or 1.24%.

(Reporting by Florence Tan; Editing by Jamie Freed)

Frequently Asked Questions

1What is Brent crude oil?

Brent crude oil is a major trading classification of crude oil originating from the North Sea. It serves as a benchmark for oil prices globally.

2What are crude oil futures?

Crude oil futures are contracts to buy or sell oil at a predetermined price at a specified time in the future, allowing traders to hedge against price fluctuations.