Oil prices fall by 3% on US-Iran de-escalation

February 2, 2026

Oil prices dropped significantly as President Trump indicated Iran was engaged in serious talks with Washington, signaling a de-escalation of tensions. This news eased geopolitical risk premiums that had previously driven prices to multi-month highs. OPEC+ also agreed to maintain its current oil output levels for March.

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South Korean stocks experienced a significant decline on Tuesday. This downturn was driven by a global selloff in chipmakers and rising competition from China. SK

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