Oil steadied after dropping the most in six months in the previous session on easing geopolitical risks and a broader commodities selloff.
West Texas Intermediate traded near $62 a barrel after plunging 4.7% on Monday, while Brent futures settled above $66. US President Donald Trump said talks with Iran over a new nuclear deal could begin within days, after Tehran signaled it was ready to engage.
Crude was also hit as commodities — particularly metals — came under intense selling pressure. Gold fell as much as 10% on Monday, and copper at one point dropped more than 5%, as they continued a retreat that started on Friday.
The precipitous drop in oil prices came after WTI’s biggest monthly gain since 2023, which was supported by broad-based flows into commodities. The prospect of conflict with Iran and pockets of supply disruption led to a surprisingly tight first month of the year against a wider backdrop of elevated supplies.
Elsewhere, Trump said he would roll back punitive tariffs on India in return for an agreement that Prime Minister Narendra Modi would stop buying Russian oil, easing months of tension between the two countries. Shipments of Moscow’s crude to Indian ports have tumbled toward the lowest in more than three years, contributing to a growing pool of unsold sanctioned barrels across the globe.
Prices
- WTI for March delivery was little changed at $61.85 a barrel at 7:56 a.m. in Singapore.
- Brent for April settlement slid 4.4% to settle at $66.30 a barrel on Monday.
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