HONG KONG, Jan 15, 2026 (BSS/AFP) - Oil and precious metals slid Thursday after US President Donald Trump appeared to dial down threats of imminent military action on Iran, while Asian markets were mixed after Wall Street edged lower the previous day. Oil prices dropped three percent after Trump said Wednesday he would "watch it and see" on possible intervention in the Islamic republic, after he said he had been told the killings of protesters there had stopped. Crude prices had surged over recent days as Trump talked about coming to the aid of the Iranian people over the crackdown on protests, sparking concerns over possible disruption to global supplies. Gold and silver also dipped on the news. Hong Kong, Shanghai, Taipei, Wellington, Mumbai and Kuala Lumpur fell on Thursday, while Sydney, Seoul, Bangkok and Manila posted minimal gains. The mixed picture in Asia came after Wall Street stocks fell again Wednesday as investors shrugged off solid bank earnings and US data, which showed a 0.6 percent increase in retail sales in November. Analysts noted investor unease about possible US inverventions in Iran and Greenland, and Trump's threats to Federal Reserve autonomy, most recently in the Department of Justice's criminal probe of the central bank. Jack Ablin of Cresset Capital Management also pointed to Trump's proposed 10 percent interest rate cap on credit cards as an unwelcome wildcard that has added to a broader sense of unpredictability. Meanwhile, the US Supreme Court held off a widely-anticipated ruling Wednesday on the legality of Trump's sweeping tariffs. - South Korean won slides - Traders were also watching South Korea as the won's exchange rate slid towards its weakest level in 16 years. In a rare mention, US Treasury Secretary Scott Bessent said Wednesday that the won's depreciation was "not in line with Korea's strong economic fundamentals" and that volatility in the foreign exchange market is "undesirable". The won gained as much as one percent after Bessent's comments, which he posted on social media after meeting Seoul's finance minister Koo Yun-cheol in Washington. "Bessent's comments can support the won in the near term, but markets may have more influence if they feel the fundamentals and politics are still in a worsening trajectory," said Brendan McKenna, a strategist at Wells Fargo in New York. Tokyo was down 0.8 percent, cooling off after gains fuelled by speculation that Prime Minister Sanae Takaichi would call an election to capitalise on strong public approval ratings. Takaichi's ruling party and a coalition partner said Wednesday she intends to dissolve parliament next week for a snap election. Takaichi's cabinet approved a record 122.3-trillion-yen ($768 billion) budget for the fiscal year from April 2026, and she has vowed to get parliamentary approval as soon as possible to address inflation and shore up the world's fourth-largest economy. - Key figures at around 0230 GMT - Tokyo - Nikkei 225: DOWN 1.0 percent at 53,820.46 (break) Hong Kong - Hang Seng Index: DOWN 0.1 percent at 26,962.88 Shanghai - Composite: DOWN 0.2 percent at 4,116.605 West Texas Intermediate: DOWN 3.0 percent at $60.16 per barrel Brent North Sea Crude: DOWN 3.0 percent at $64.58 per barrel Euro/dollar: DOWN at $1.1640 from $1.1647 on Wednesday Pound/dollar: FLAT at $1.3432 from $1.3433 Dollar/yen: DOWN at 158.52 yen from 158.56 yen Euro/pound: DOWN at 86.65 pence from 86.68 pence New York - Dow: DOWN 0.1 percent at 49,149.63 points (close) London - UP 0.5 percent at 10,184.35 (close)