Hong Kong: Oil prices plunged on Thursday after fears over instability in Iran were eased by comments from US President Donald Trump.

West Texas Intermediate dropped 3.0 percent to $60.16 per barrel while Brent crude was down 2.93 percent to $64.57, after Trump said he had been told the killings of protesters in Iran had been halted.

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Iran is facing its most intense wave of unrest in years as anger over a collapsing economy has triggered nationwide demonstrations and prompted authorities to impose a sweeping shutdown of internet and telephone services. Iran has closed the main airport in Tehran and deployed air defence systems nationwide, according to international aviation notices, as anti-government demonstrations intensified significantly on Thursday night.

The disruption, confirmed by watchdog groups including NetBlocks, has obscured the true scope of the protests but has done little to quell them.

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The unrest comes at a moment of extraordinary pressure for Tehran, still grappling with the aftermath of a 12-day conflict with Israel in June, during which the United States carried out strikes on Iranian nuclear sites. The economic pain deepened further in September when the United Nations reinstated sanctions linked to Iran’s nuclear activities, accelerating the free fall of the rial, which has plunged past 1.4 million to the dollar.