3 February 2026, 04:08 Oil: Brent Extends Drop on Easing Geopolitical Tensions.
Brent crude oil futures edged down toward $66 per barrel on Tuesday, extending the biggest decline in six months as geopolitical tensions eased. The United States and Iran announced that they would resume talks on Friday, aiming to revive diplomacy over Iran’s nuclear program and reduce the risk of a wider regional conflict. The renewed negotiations alleviated concerns about potential disruptions to Middle East oil supplies. Separately, Trump said he would lower tariffs on Indian goods from 25% to 18% after Prime Minister Narendra Modi agreed to halt purchases of Russian oil, easing months of tension between the two nations. On the supply side, OPEC+ reaffirmed plans to keep production steady in March, maintaining ample supply conditions after pausing output hikes amid weak seasonal demand.
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