Investing.com– Oil prices fell in early trade on Monday, extending losses from last week as comments from U.S. President Donald Trump, on talks with Iran, spurred further bets on a de-escalation in Middle East tensions.
Brent oil futures for January fell 0.75% to $97.58 a barrel by 19:02 ET (00:02 GMT), after tumbling over 16% in the prior week.
Trump, in a Sunday interview with CNN, said it was “highly unlikely” he will need to order more U.S. attacks on Iran, as long as there was progress in negotiations with Tehran.
Still, Trump’s comments also came as the U.S. began an operation to crack down on Iran’s trade of advanced weapons and sanctioned materials through its land borders and the Caspian Sea.
“Task Force Iron Gate is in full force and effect in the Islamic Republic of Iran,” Trump said in a social media post. “Coupled with history’s greatest Naval Blockade, very little gets into, or out of, Iran!,” Trump said.
Oil plummeted last week after a Democrat sweep of both chambers of U.S. Congress spurred increased bets that lawmakers will pressure Trump into ending the Iran conflict.
Washington and Tehran have been in a stalemate for nearly nine months, with heightened tensions between the two causing increased disruptions in crude supplied from the Middle East.
Tensions between Saudi Arabia and Yemen’s Iran-backed Houthi group still persisted, with the latter seen attempting to attack oil giant Aramco’s corporate office in Riyadh on Sunday.
Saudi Arabia and the Houthis have consistently traded attacks since at least mid-2026, with the Yemeni group also declaring a naval blockade against Riyadh.
Original Article
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