The international benchmark Brent North Sea oil fell 4.4 percent to $63.61.Trump added that he was told the killings of protesters had stopped there.
Crude oil prices soared in recent days as Trump spoke of coming to the aid of the Iranian people over the crackdown on demonstrations, raising concerns about a possible disruption to global supplies.
“Oil prices are falling sharply after Trump signaled he will not take military action against Iran,” said Victoria Scholar, head of investments at Interactive Investor.
Volatility spread across commodity markets, with silver plunging more than seven percent in Asian deals after hitting a record high above $93.75 an ounce. This was after Trump also refrained from imposing tariffs on crucial minerals.
The price of gold, which has reached multiple record highs in recent months thanks to its status as a safe-haven investment, fell on Thursday.
In stock market trading, a better-than-expected fourth-quarter net profit from Taiwanese chipmaker TSMC helped turn investor sentiment around.
The tech-heavy Nasdaq Composite rose nearly 1 percent as trading got underway in New York.
“A strong set of results from Taiwan Semiconductor Manufacturing Company quickly changed the mood and reminded markets that enthusiasm around artificial intelligence and long-term growth themes is still alive and well,” said Forex.com analyst Fawad Razaqzada.
He noted that technology stocks have looked vulnerable in recent weeks as investors shifted money to other sectors.
Meanwhile, Labor Department data showed initial unemployment claims fell back below 200,000 in the United States last week.
“The key takeaway from the report is that it confirms a low-hire, low-hire environment that the Fed will keep informed but also watching for a rate cut this month and possibly into June,” said Briefing.com analyst Patrick O’Hare.
With U.S. inflation remaining above the two percent target and both the labor market and the overall economy holding up, Federal Reserve policymakers have indicated they will likely hold off on cutting rates at this month’s meeting.
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