Oil prices fell in early trading on Monday after US President Donald Trump said he was not planning any new military attacks against Iran and suggested that real progress had been made in talks to end the conflict in the region. His comments helped ease concerns about further military action in the Middle East, putting pressure on oil prices.
According to global market data, Brent crude futures dropped by 84 cents, or 0.85%, to reach $97.48 per barrel. US West Texas Intermediate (WTI) crude also moved lower, falling by 32 cents, or 0.35%, to $90.51 per barrel.
The latest decline comes after Brent crude suffered a major drop of around 17% last week, marking its biggest weekly loss since the COVID-19 pandemic. The sharp fall followed growing hopes that tensions in the Middle East could ease and that diplomatic talks might help prevent further military escalation.
With fears of a wider regional conflict starting to cool, traders are watching developments between the United States and Iran closely, as any progress or setback in negotiations could have a major impact on global oil prices.