Petrol prices dropped due to the decrease in geopolitical tensions.

What is the Situation with Petrol Prices?

Petrol prices have decreased following a reduction in the risks of supply disruptions due to decreasing geopolitical tensions in the Middle East. Brent crude is pulling back towards 67 dollars per barrel, while U.S. crude oil (WTI) is trading at approximately 63 dollars.

Diplomatic Developments Have Been Impactful

This price drop has been influenced by the discussions held in Oman between Iran and the U.S., which Tehran characterized as "a step forward." U.S. President Donald Trump announced that diplomatic contacts would continue and that a new meeting is planned for this week. Trump’s upcoming meeting with Israeli Prime Minister Benjamin Netanyahu on February 11th is also high on the agenda.

They Had Been on an Upward Trend Since 2026

Crude oil prices had been on an upward trend since early 2026 due to geopolitical tensions and supply disruptions in regions such as Kazakhstan. However, positive signals from the talks between Iran and the U.S. have led to a change in direction for prices last week.

What Role Will India Play?

Market participants are also closely monitoring the flow of oil to India. Trump noted that India has agreed to halt its purchases of crude oil from Russia as part of a trade agreement, but New Delhi has not directly confirmed this commitment, emphasizing that energy security remains a priority. Analysts suggest that if India halts its purchases of Russian oil, Moscow may increase discounts to find alternative buyers; otherwise, global supply balance may tighten.