Petrol Prices Have Declined Amidst Tensions Between the U.S. and Iran.

Oil Prices Decreased by 3 Percent

Oil prices fell by 3 percent on Monday following U.S. President Donald Trump's announcement that Iran is “seriously negotiating” with Washington.

Brent and WTI Crude Oil Prices

Brent crude oil futures declined by 2.9 percent to $67.28 per barrel. U.S. crude oil (WTI) traded at $63.17, down 3.1 percent.

Both contracts recorded a sharp decline compared to previous sessions. Recently, Brent reached its highest level in six months, while WTI had been climbing due to tensions between the U.S. and Iran since the end of September.

Trump's Statements and Relations with Tehran

Trump frequently threatened intervention if Iran did not accept the nuclear deal or stop the killings of protesters. On Saturday, following Iranian security chief Ali Larijani’s statement that arrangements for negotiations were ongoing, Trump indicated that he was “seriously negotiating” with Iran.

Trump said, “I hope they negotiate something acceptable,” adding, “A satisfactory negotiation agreement that does not include nuclear weapons can be made.”

Decrease in Tensions and Market Comments

Accompanying Trump's statements, news that the Iranian Revolutionary Guards’ naval forces would not conduct live-fire exercises in the Strait of Hormuz indicates a decrease in tensions.

IG market analyst Tony Sycamore stated that these developments show a reduction in tensions. Sycamore said, “The crude oil market is viewing this as a encouraging step towards de-escalation from confrontation. It reduces the geopolitical risk premium added to prices during last week's rally and triggers profit-taking.”

OPEC+'s Production Decision

OPEC+ announced on Sunday that it had decided not to change oil production for March. The group had frozen planned additional production increases for the period from January to March 2026 due to seasonally lower demand.