Oil prices fell more than 3% on Thursday after Trump said the killings in Iran had stopped, easing concerns
Oil prices fell more than 3% on Thursday after Trump said the killings in Iran had stopped, easing concerns. This came after Trump said the killing of protesters in the nationwide protests in Iran had stopped. Statements such as the withdrawal of some US personnel from bases in the Middle East eased concerns about military action against Iran and supply disruptions.
Brent futures fell $2.19, or 3.3%, to $64.33 a barrel as of 08:45 GMT, while WTI crude oil dropped $2.07, or 3.34%, to $59.95 a barrel.
After rising above $66.50 a barrel on Wednesday, Brent futures gave back most of their gains after Trump's comments eased expectations of a possible US attack on Iran.
Trump’s statement that he had received assurances that the killing of protesters in Iran had stopped changed the mood of the oil market. This strengthens the narrative that there will be a supply surplus in the near term.
A US official said on Wednesday that the US was withdrawing some personnel from military bases in the Middle East after a senior Iranian official said Tehran would strike American bases at neighbors' if Washington attacked.
Another factor dragging prices down was the larger-than-expected increase in US crude oil and gasoline inventories last week, as reported by the Energy Information Administration (EIA) on Wednesday.
Also, sources indicated that on the supply side, Venezuela began reversing its oil production cuts under US sanctions and resumed crude oil exports.
On the demand side, OPEC stated on Wednesday that oil demand is likely to increase at a similar rate in 2027 as it did this year, and released data showing a near-balance between supply and demand in 2026. This contradicts other forecasts predicting a large supply surplus.
Meanwhile, according to government data, China's crude oil imports rose 17% year-on-year in December, while total imports for 2025 increased by 4.4%, with daily crude oil import volumes reaching all-time highs in December and for the entire year of 2025.
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