Oil prices fall more than 4% after Trump says killing has stopped in Iran
Brent crude and WTI both declined sharply Wednesday after Trump signaled the U.S. may not strike Iran, citing assurances from sources there.
January 15, 2026
Oil prices fell more than 4% on Wednesday after U.S. President Donald Trump signaled the United States may not attack Iran, citing assurances that violence there has ceased.
Brent crude oil futures, the global benchmark, lost 4.13%, or $2.75, to close at $63.77 a barrel. Front-month West Texas Intermediate crude fell $2.65, or 4.27%, to $59.37 a barrel.
Speaking to reporters in the Oval Office, Trump said he had been informed by "very important sources" in Iran that "the killing has stopped." He added, "There's no plans for executions, I've been told that on good authority." Trump stated the White House would monitor how the situation unfolds.
The president had previously threatened to take "very strong action" against the Islamic Republic if it executes protestors. Hundreds of people have reportedly been killed after mass unrest in Iran was met with a violent crackdown by the country's security forces.
Oil prices had initially closed more than 1% higher Wednesday, but swung lower in extended trading as markets interpreted Trump's remarks as a signal that military strikes might not be imminent. The market had been pricing in heightened geopolitical risk following Trump's cancellation of meetings with Iranian officials on Tuesday, which had sent crude prices higher.
Earlier reports indicated that WTI had fallen to $60.16 and Brent had retreated to $64.61 following Trump's comments about the cessation of killings in Iran and the reduced likelihood of American military intervention.