Tensions between the US and Iran ease, oil prices fall 3 percent, Brent crude futures drop to 67.28 dollars

Foreign Media: Oil prices fell 3% as US-Iran tensions eased.

On February 2, oil prices dropped 3% because U.S. President Trump said Iran was "seriously engaging with Washington." Brent crude futures fell $2 to $67.28 per barrel, and U.S. West Texas Intermediate crude futures fell $2 to $63.17 per barrel.

Previously, the US-Iran tensions had pushed oil prices to multi-month highs. Trump's remarks and reports that Iran's Revolutionary Guard Navy did not plan to conduct live-fire exercises in the Strait of Hormuz were seen as signs of easing tensions. This prompted the market to take profits from last week's geopolitical risk premium.

Additionally, OPEC+ agreed at a meeting on February 1 to maintain oil production levels for March unchanged.

Original article: toutiao.com/article/1855982374142980/

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