As international markets respond to regional concerns, Brent retreats 2.66% and WTI falls 2.69%. Following the “halting” of US President Donald Trump’s killings of demonstrators in Iran, oil prices fell 3%. On the other hand, the US President stated that he would “watch it and see” on the prospect of military action. In recent days, Trump has frequently spoken helping the Iranian people in the wake of the crackdown on protests, which rights organizations claim has killed at least 3,428 people.
However, in an unexpected statement at the White House, Trump claimed to have gotten guarantees from “very important sources on the other side” that Tehran had now halted the killings and that they would not proceed. Following a multi-day surge fueled by global concerns, oil prices have dramatically declined in the most recent trading session as of January 15, 2026 (approximately 02:16 GMT). After temporarily stabilizing higher earlier in the week (e.g., about $66.50 on January 14 before reversing), Brent crude is currently trading between $64.75 and $65 per barrel, down roughly 2–2.6%. West Texas Intermediate (WTI) crude is close to $60 a barrel, down 2.69% (from settlements around $62 earlier, for example), erasing gains from a six-day run.
Reaction of the market
Trump’s comments on January 14 were viewed by traders as lowering the immediate possibility of US military action against Iran, which had previously created a risk premium and caused prices to rise by about 10–11% during the previous week due to concerns about supply interruptions from the OPEC supplier. The following are additional elements that contribute to the decline: U.S. crude and gasoline inventory additions are larger than anticipated (EIA stated). Resuming exports and shipments of Venezuelan oil, potentially increasing supplies (related to recent changes in U.S. policy following happenings in that country). broader projections of a supply surplus in 2026, with forecasts such as those from Goldman Sachs indicating lower averages (e.g., Brent ~$56).
