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.
Trump said the U.S. is montoring the situation when asked directly whether military action is off the table.
“We’re gonna watch it and see what the process is,” the president said. “But we were given a very good statement by people who are aware of what’s going on.
Iranian security forces have launched a crackdown 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.
