Oil prices drop as Trump acknowledges Iran's cancelled executions

Oil prices came under pressure following President Trump's tweet expressing respect for Iran's decision to cancel scheduled executions of protesters. WTI crude fell 1.2% to $78.50 per barrel, while Brent declined 1.1% to $82.30, as markets interpreted the gesture as a potential de-escalation in US-Iran tensions. The dollar index strengthened 0.2% to 104.85, with USD/JPY rising 25 pips to 149.75 and EUR/USD dropping 18 pips to 1.0432. Commodity-linked currencies weakened, with USD/CAD gaining 0.3% to 1.3580 and AUD/USD falling 0.4% to 0.6520. Iran's brutal regime had sentenced protesters to death amid economic turmoil, though uncertainty remains about potential US military involvement. Technical indicators suggest further oil weakness could push USD/CAD toward 1.3620 resistance, while support for oil-sensitive pairs may emerge if geopolitical tensions resurface.