Global oil prices fell following a sharp rise in early 2026 after U.S. President Donald Trump withdrew from plans for possible military strikes against Iran. Brent crude futures dropped 3.4% to $64.25 per barrel, while New York Mercantile Exchange (Nymex) crude prices declined by the same margin to $59.89 per barrel.
The price decline came as Trump announced that he had been informed of a decrease in violence during protests in Iran and the absence of executions. Meanwhile, gold prices fell to approximately $4,500 per ounce after hitting a record high of $4,642.72 on January 14.
On January 1, riots erupted across Iran that quickly escalated into violent clashes with police. Three fatalities were confirmed shortly after, and by the following day, U.S. President Donald Trump stated that his country would support protesters if Iranian authorities killed peaceful demonstrators. By January 3, reports indicated that security forces had seized weapons from participants.
On January 6, it was reported that two cities in western Iran had fallen under protest control, while a day earlier, Iran’s supreme leader Ali Khamenei had reportedly developed an evacuation plan for Tehran should the government fail to quell the unrest. Iranian Foreign Minister Abbas Araqchi informed foreign ambassadors during a meeting that the Iranian authorities had regained control of the situation.
The death toll from the protests in Iran rose to 538, comprising 490 protesters and 48 security personnel. In a statement to Iranians, President Masoud Peseshkian urged citizens to express disagreement with opponents of state policy, warning that instigators could destroy the entire society.
