Oil prices fall 3% after Trump says ‘killing has stopped’ in Iran

Oil prices fell 3% on Thursday after comments from U.S. President Donald Trump calmed fears that an American strike on Iran could be imminent.

Brent crude oil futures, the global benchmark, were last seen trading 3% lower at $64.47 a barrel, and front-month West Texas Intermediate crude was also down 3% to $60.17 a barrel.

Speaking to reporters on Wednesday, Trump said he had been informed by “very important sources” in Iran that “the killing has stopped.”

“There’s no plans for executions, I’ve been told that on good authority,” he said, adding that the White House would watch how the situation unfolds.

Hundreds of people have reportedly been killed after mass unrest in Iran was met with a violent crackdown by the Islamic Republic’s security forces. Trump has repeatedly threatened to intervene if civilians are killed or executed by the state.

Oil prices jumped on Tuesday after Trump canceled meetings with Iranian officials and promised protesters that “help is on its way,” and extended gains on Wednesday as concerns that a U.S. strike on the country was looming.