Crude oil benchmarks plunged over 7%, with Brent near $66 and WTI around $62, as President Trump's comments eased fears of a U.S.-Iran conflict and a sell-off in metals markets spilled over. Analysts suggest the drop reflects a rapid unwinding of risk premiums rather than a fundamental change in supply dynamics.
Crude futures retreated sharply on Monday after weekend comments from U.S. President Donald Trump suggested diplomatic engagement with Iran, easing fears of a military confrontation that had recently buoyed markets.
Crude oil futures surrendered early gains to close lower Friday, as de-escalating rhetoric from Washington over Iran and a stronger dollar offset ongoing geopolitical tensions and supply constraints.
Crude oil and gasoline prices advanced on Friday, supported by persistent geopolitical risks in the Middle East and ongoing supply constraints, though gains were tempered by a stronger dollar and diplomatic signals.
Analysts at Susquehanna have raised their price target for ConocoPhillips (COP) to $115, citing a positive long-term outlook despite near-term headwinds from oversupply and soft demand. The independent energy giant also stands out for its robust dividend yield.
Advanced talks between Devon Energy and Coterra Energy could culminate in one of the largest shale oil deals on record, signaling a new wave of consolidation as producers seek scale and efficiency amid market volatility.
Oil prices pulled back from multi-month highs on Friday amid broad market risk aversion, yet President Trump's intensified focus on Iran continues to inject a significant risk premium into the market, setting Brent crude for its strongest monthly gain in years.
