Oil Steady, Focus Shifts to Iran
Oil prices stabilized after experiencing their biggest drop in six months in the previous session, as geopolitical risks eased and widespread selling pressure in commodity markets eased.
The West Texas Intermediate contract traded around $62 per barrel after plunging 4.7% on Monday, while Brent held above $66. Donald Trump said talks with Iran on a new nuclear deal could begin within days, after Tehran signaled its readiness to negotiate.
Oil was also dragged down as commodity markets—especially metals—were hit by a major selloff. Gold briefly fell by around 10% on Monday, while copper plunged more than 5%, continuing a decline that began on Friday.
This sharp decline comes after WTI recorded its biggest monthly gain since 2023. Last month's gains were supported by widespread capital inflows into commodities, coupled with concerns about conflict with Iran and several supply disruptions that made the start of the year feel tighter, even though global supply remains generally considered high.
On the other hand, Trump also mentioned plans to ease tariffs on India as part of a deal to get Prime Minister Narendra Modi to stop buying Russian oil. Oil shipments from Moscow to Indian ports are said to have fallen to their lowest level in more than three years, adding to the unabsorbed "stock" of sanctioned barrels on the global market. (asd)
Source: Newsmaker.id
