HOUSTON: Oil prices settled down around 4% on Thursday ending a five-day streak of gains after US President Donald Trump said the crackdown on protesters in Iran was easing, allaying concerns over potential military action against Iran and oil supply disruptions. Further weighing on prices, US crude and gasoline inventories rose last week by more than analysts had estimated, the Energy Information Administration said on Wednesday. Elsewhere, Venezuela has begun reversing oil production cuts made under a US embargo, with crude exports also resuming, three sources said. On the demand side, Opec said on Wednesday that 2027 oil demand was likely to rise at a similar pace to this year and published data indicating a near balance between supply and demand in 2026, contrasting with other forecasts of a glut. China's crude oil imports in December rose 17% from a year earlier, while total imports in 2025 were up 4.4%, government data showed, with daily crude import volumes hitting record highs.

Source: The Star January 15, 2026 23:29 UTC