Crude oil prices steady as US-Iran tensions cool off
Business
Oil prices took a sharp dip on Thursday and then leveled out on Friday, January 16, 2026, after the US and Iran stepped back from conflict.
Earlier in the week, prices had jumped because of protests in Iran and President Trump's tough talk about military action.
But once President Trump said Iran had pledged not to execute protesters and Trump softened his stance, prices slid back down—WTI crude futures slumped 4.6% to $59.18 per barrel.
Why does this matter?
With tensions easing and US oil stockpiles rising, experts now expect oil prices to keep trending lower—good news if you drive or rely on fuel for work or travel.
The forecast? Cheaper gas could be sticking around as supply stays high and demand lags behind.