Global crude oil prices, including both Brent and West Texas Intermediate (WTI) benchmarks, experienced a significant drop of approximately 2-3% on Thursday, January 15, 2026. This decline followed statements by US President Donald Trump, who indicated a de-escalation of tensions with Iran. Trump reported that he had been informed that killings related to the crackdown on nationwide protests in Iran were ceasing and that there were no plans for large-scale executions. These remarks were widely interpreted by traders as reducing the immediate risk of a US military intervention in Iran, which had previously fueled a geopolitical risk premium in oil prices due to concerns over potential supply disruptions from the OPEC member nation. Prior to Trump's comments, oil prices had been rallying for several days amid heightened anxieties surrounding the US-Iran situation. Further contributing to the downward pressure on prices were reports of larger-than-expected increases in US crude and gasoline inventories, indicating ample supply in the market. Additionally, the resumption of oil exports from Venezuela added to the bearish sentiment, increasing global supply forecasts. While the term "plunge" in the original headline is an exaggeration for a 2-3% drop, the core claims regarding the direction of oil prices and the influence of Trump's statements on Iran are verified by multiple credible sources.