Oil sharply cheaper after Trump's words on 'stopping the killing' in Iran

Oil prices collapsed after US President Donald Trump said that Iranian authorities had stopped killing protesters and were not going to execute protesters. Brent futures fell 1.7% below $65 per barrel, while North American WTI crude contracts plummeted 1.9% to almost $60 per barrel.

"We have been told that the killings in Iran have stopped, stopped, stopped. And there is no plan for executions or execution. That's what I've been advised by reliable sources. We're going to find out all about it," Trump said. He had earlier warned that the US would hit the Islamic republic "very hard" if there was an escalation by the Iranian leadership, and the day before urged protesters not to give up and promised that "help is close at hand". This led to a sharp rise in oil quotations.

Iran, which is among OPEC's key oil producers, has been engulfed for weeks by mass protests that have erupted amid a worsening economic situation. During that time, Reuters reports that some 2,000 people have been killed - by protesters and government officials - while CBS, citing a source in the country, reported at least 12,000 dead.

This article was AI-translated and verified by a human editor