Oil prices sink more than 2% as Trump remarks calm concern about Iran

January 15, 2026

Oil prices dropped significantly as President Trump indicated a halt to killings in Iran, easing fears of military action and supply disruptions. Adding to the bearish sentiment, U.S. crude and gasoline inventories saw a sharp rise, while Venezuela resumed oil exports. These factors overshadowed positive demand forecasts from OPEC and strong Chinese import data.

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