“Oil prices rose amid the decline of protests in Iran and a reduced likelihood of US interventionOil prices rose after Iran suppressed protests, which reduced the likelihood of US intervention. Brent rose by 0.09%, WTI by 0.15%.
”, — write: unn.ua
DetailsBrent crude oil price was $64.19 per barrel by 03:27 GMT (05:27 Kyiv time), up 6 cents or 0.09%.
US West Texas Intermediate crude for February delivery rose 9 cents, or 0.15%, to $59.53 a barrel. This contract expires on Tuesday, while the more active March contract was at $59.39, up 5 cents or 0.08%.
Iran’s violent crackdown on protests sparked by economic hardship, which officials said killed 5,000 people, has quelled the unrest.
US President Donald Trump appeared to back away from his earlier threats of intervention, saying on social media that Iran had canceled mass hangings of protesters, although the country had not announced any such plans.
This appeared to reduce the likelihood of US intervention, which could disrupt oil supplies from the fourth-largest producer among the Organization of the Petroleum Exporting Countries.
The decline signaled a renewed retreat from multi-month highs reached last week, although prices still rose on Friday. However, the redeployment of US troops to the Persian Gulf underscores ongoing concerns.
“The pullback came after a rapid decline in the ‘Iran premium’ that led to 12-week highs, which was driven by signs of easing of Iran’s crackdown on protesters,” IG market analyst Tony Sycamore said in a note.
He added that this was underscored by US inventory data, which showed a significant increase in oil prices and increased bearish pressure on supply.
US markets are closed on Monday for Martin Luther King Jr. Day.
According to the EIA, crude oil inventories rose by 3.4 million barrels in the week ended January 9.
Markets are closely watching plans for Venezuela’s oil fields after Trump said the United States would manage its oil industry after the capture of Nicolas Maduro.
The United States is moving as quickly as possible to grant Chevron an expanded license to operate in the country, the US Energy Secretary told Reuters on Friday.
But markets were less confident about the prospects for increased production in Venezuela.
“Venezuela and Ukraine remain in the background,” said Vandana Hari, founder of oil market analysis firm Vanda Insights.
“Expect range-bound fluctuations for the rest of the day as US markets are closed,” he noted.
China’s refinery throughput in 2025 rose 4.1% year-on-year, while crude oil output rose 1.5% compared to 2024, with both reaching record highs, government data released on Monday showed.
US wants to exchange heavy Venezuelan oil for its medium to replenish reserves – Reuters16.01.26, 20:49 • 5931 view