Oil prices slid 6% today, cooling down after an impressive 14% gain in January. The sharp reversal is primarily driven by hopes of a US-Iran diplomatic breakthrough and a potential easing of sanctions, which suggests significant crude volumes could return to the market. Additional downward pressure came from OPEC+ maintaining production levels. WTI's technical outlook is bearish, flirting with a close below the 200-day MA. The future hinges on diplomacy and the strengthening US dollar.
02-02-2026 20:24 GMT
by Zain Vawda
