U.S. President Donald Trump speaks at the signing ceremony held in the Oval Office of the White House on Wednesday, January 14, 2026, in Washington, DC.
Francis Chan | Politician | Bloomberg | Getty Images
Oil prices fell more than 1% on Wednesday after President Donald Trump suggested he might not attack Iran.
usa crude oil Oil prices fell 95 cents, or 1.55%, to $60.20 a barrel by 4:17 p.m. ET. global benchmark brent The stock fell 93 cents, or 1.42%, to $64.54.
“I’m hearing that the killings are stopping in Iran. It’s stopping. It’s stopping, and there are no plans for executions,” Trump told reporters in the Oval Office.
The president had previously threatened to take “very strong action” against the Islamic Republic if it executed protesters.
Oil prices had closed more than 1% higher on Wednesday, but suddenly fell in extended trading as markets interpreted President Trump’s comments as a sign that a strike may not be imminent.
In response to a direct question about whether military action was off the table, President Trump said the United States was closely monitoring the situation in Iran.
Pedestrians walk past a burnt-out building in Tehran, Iran, on January 10, 2026.
Getty Images | Getty Images
“We’re going to watch it closely and see how that process goes,” the president said. “But we’ve had very good statements from people who know what’s going on. Everyone’s talking about a lot of executions taking place today. We’ve just been told there aren’t any executions taking place. We hope that’s true. That’s a big thing.”
Iranian security forces have launched a crackdown on large-scale demonstrations, reportedly leaving hundreds of people dead. The government has cut off access to the internet, making it difficult for the outside world to see how the situation on the ground is evolving.
Iran is a member of OPEC and an important oil producer. Traders are keeping an eye on whether civil unrest in the Islamic Republic will disrupt oil supplies.
