RoydadNaft –  Crude oil prices declined more than 4% on Monday after U.S. President Donald Trump said that Iran is “seriously in talks” with Washington — a sign of easing geopolitical tension involving an OPEC member. Market participants interpreted this as reducing the risk premium that had previously supported prices. 

According to Roydad Naft, citing Reuters, Brent crude traded around $65.98 and WTI around $61.84, marking their largest drop in several months. A stronger U.S. dollar also weighed on oil prices by making crude more expensive for holders of other currencies. 

The broader commodity complex was under pressure, with sharp declines in gold and silver prices contributing to risk-off sentiment. Some analysts pointed to increased supply and a weaker demand outlook for the coming seasons as additional factors behind the sell-off. 

At a meeting held on Sunday, OPEC + decided to maintain current production levels for March, continuing the group’s previously established measures to manage supply.