Oil prices fall 4% as Trump comments ease Iran supply disruption fears
NEW YORK, Jan 15 — Oil prices fell approximately 4% on Thursday, ending a five-day rally after U.S. President Donald Trump said Iran's crackdown on protesters was easing, reducing concerns about potential military action and supply disruptions.
Brent crude futures settled at $64.50 per barrel, down 4.1% from Wednesday's close.
West Texas Intermediate crude dropped 4.3% to $58.75 per barrel.
The decline followed Trump's comments that Iran appeared to be "pulling back" from its harsh response to recent protests.
"The situation seems to be calming down," Trump told reporters at the White House.
Analysts said the remarks reduced market fears of potential U.S. military intervention in Iran.
Iran is OPEC's third-largest oil producer, exporting about 2.8 million barrels per day.
Previous concerns about supply disruptions had driven prices up for five consecutive trading sessions.
Market volatility remains high amid ongoing geopolitical tensions in the Middle East.
Traders will monitor further developments in Iran and OPEC production decisions.