Oil Prices Drop as Trump Seeks Iran Deal

Oil prices fell sharply in Asian markets, dropping over 4% in early trading after Donald Trump expressed willingness to reach a deal with Iran—a country that had repeatedly threatened military action. U.S. West Texas Intermediate (WTI) crude declined 3.4% to $62.99 per barrel just before 04:00 local time in Greece, while North Sea Brent crude fell 3.2% to $67.09 following the U.S. president’s remarks. By 07:30 Greece time, Brent had slipped below $66 per barrel—the lowest in months—as traders closely monitor U.S.-Iran negotiations that could ease geopolitical risk premiums. Trump stated on Saturday that Iran is engaging seriously with the U.S., shortly after Tehran signaled progress in talks. This marks a shift from heightened tensions last month, when Trump repeatedly threatened military action amid Iranian domestic unrest and Tehran warned of retaliation—driving oil prices up sharply in January due to fears of supply chain disruptions in the region. Meanwhile, OPEC+ confirmed Sunday its earlier decision to hold production steady in March.