Oil falls nearly 2% after Trump signals he could hold off on attacking Iran
US President Donald Trump looks on before signing a bill in the Oval Office of the White House in Washington, DC, on Jan. 14, 2026.
Brendan Smialowski | AFP | Getty Images
Oil prices fell more than 2% Wednesday after President Donald Trump signaled he might not attack Iran.
U.S. crude oil fell $1.81, or 2.96%, to $59.34 per barrel. Global benchmark Brent was down $1.84, or 2.81%, to $63.63 per barrel.
Trump told reporters in the Oval Office that “we’ve been told that the killing in Iran is stopping. It’s stopped. It’s stopping, and there’s no plan for executions.”
The president had previously threatened to take “very strong action” against the Islamic Republic if it executes protestors. The oil market interpreted his Wednesday remarks as a sign that he might not launch strikes in Iran.
Iranian securities forces have launced a crack down against large-scale demonstrations with hundreds of people reportedly dead. The government has cut off Internet access making it difficult for the outside world to verify how the situation on the ground is developing.
Iran is an OPEC member and a signficiant crude oil producer. Traders are watching to see if the social unrest in the Islamic Republic disrupts supplies.
