Oil prices fell on Friday, January 16, 2026, extending losses from the previous session, as concerns about supply risks eased after the likelihood of a United States strike on Iran receded.
Brent was down 21 cents, or 0.3%, to $63.55 per barrel, while U.S. West Texas Intermediate fell 15 cents, or 0.3%, to $59.04 per barrel at 0418 GMT.
Both Brent and WTI rose to multi-month highs this week after protests flared up in Iran and United States President Donald Trump signalled the potential for strikes on the nation.
Brent prices were still set for a fourth week of gains, according to Reuters.
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Late on Thursday, however, Trump said Tehran’s crackdown on the protesters was easing, allaying worries about possible military action that could disrupt oil supplies.
Brent prices have given back earlier gains but remain higher than a week ago, with the decline in prices spurred by Trump’s statement that he would hold off on military strikes on Iran, BMI analysts said.
“Given the potential political upheaval in Iran, oil prices are likely to experience greater volatility as markets digest the potential for supply disruptions,” they said in a statement.
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