Oil prices dropped Wednesday after President Trump stated that killings of protesters in Iran had stopped. Brent crude had risen over 2% to above $66.60 before falling over 1.5%, trading below $64.50. West Texas Intermediate crude followed a similar pattern, climbing over 2% before dropping 1.7% to trade below $60.20.

Reports had surfaced that Iran was preparing to execute protesters, leading to a surge in oil prices. Trump’s announcement of a 25% tariff on countries doing business with Iran escalated tensions. The president promised “very strong action” if Iran proceeded with executions in an interview with CBS News.

Iran, a major oil producer, controls the Strait of Hormuz and exports around 1.2 million barrels per day. The country sits on the world’s third-largest store of proved reserves, behind only Venezuela and Saudi Arabia. Oil prices are sensitive to geopolitical tensions in the region.

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