Oil prices drop 3% as US-Iran talk eases conflict fears
Oil prices fell about 3% on Monday after some rare good news: the US and Iran seem open to talking things out, easing fears of conflict.
Brent crude slipped to $67.28 per barrel, and West Texas Intermediate fell to $63.17.
Trump says Iran seriously talking with Washington
President Trump said Iran is "seriously talking" with Washington.
This came right after Iran's Ali Larijani confirmed talks were in the works on X (formerly Twitter).
Analysts say markets saw an encouraging step back from confrontation and profit-taking.
No plans for live-fire exercises in Strait of Hormuz
In another positive move, Iran's Revolutionary Guards said they had no plans to carry out live-fire exercises in the Strait of Hormuz—a key route for global oil shipments.
Many see this as a step toward stability.
OPEC+ decided to keep output levels frozen through March
OPEC+ just decided to keep current output levels frozen through March 2026, mainly because demand isn't looking strong.
If things stay peaceful with Iran, experts predict Brent could average around $55 per barrel by 2026—though short-term bumps may still pop up from supply issues elsewhere like Kazakhstan.