Oil Prices Slide as Iran Tensions Ease, Gas Plunges
Crude prices retreat after strong January gains
After posting their biggest monthly gains since 2022, crude oil prices dropped sharply Monday as geopolitical tensions between the United States and Iran appeared to ease. Iran is the largest member of the OPEC+ alliance, and any sign of reduced conflict typically weighs on oil markets.
President Donald Trump also announced the U.S. had reached a trade agreement with India, saying India agreed to halt purchases of Russian oil — a development that added to market volatility.
West Texas Intermediate crude fell 4.6% to settle at $62.19 a barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark, declined 4.3% to close at $66.32 a barrel.
Crude prices had climbed to near six-month highs late last week amid speculation the U.S. could take military action against Iran.
Natural gas prices tumble after winter storm surge
Natural gas prices saw an even steeper decline following the recent winter weather-driven rally.
Two weeks after surging nearly 70% as Winter Storm Fern approached the southern United States, natural gas prices plunged 25.15% on Monday. Futures dropped $1.095 to settle at $3.259 per MMBtu as storm impacts eased and demand moderated.
Oklahoma energy stocks finish lower
Most Oklahoma energy stocks ended Monday’s trading session in negative territory.
Expand Energy and Gulfport Energy Corp. each declined about 5% on the day, reflecting broader weakness across the energy sector as commodity prices retreated.