LONDON (Jan 15): Oil prices tumbled more than 3% on Thursday after US President Donald Trump said that killings of demonstrators during protests in Iran were ending, easing concerns over military action against Iran and potential oil supply disruptions. US West Texas Intermediate crude retreated by US$2.06, or 3.3%, to US$59.96, having earlier lost as much as 4.6%. The comments reduced the risk premium that had built up in recent days, analysts said. Elsewhere, Venezuela has begun reversing oil production cuts made under a US embargo, with crude exports also resuming, three sources said. China's crude oil imports in December rose 17% from a year earlier while total imports in 2025 were up 4.4%, government data showed, with daily crude import volumes hitting record highs.

Source: The Edge Markets January 15, 2026 12:45 UTC