Oil prices were consolidating on Monday after climbing more than 2 percent in the previous session on the prospect of production disruptions in major U.S. crude-producing regions due to bad weather.
Benchmark Brent crude futures were up 0.2 percent at $65.19 a barrel while WTI crude futures held steady at $61.10.
Both contracts jumped around 2.7 percent last week, closing on Friday at their highest points since January 14 after tensions soared between the U.S. and Iran.
Media reports quoted U.S. officials as saying that the aircraft carrier USS Abraham Lincoln and several guided-missile destroyers will arrive in the Middle East in the coming days.
Additional air-defense systems were also being eyed for the region to guard against any Iranian strike on U.S. bases.
Iran’s Supreme Leader Ayatollah Ali Khamenei has reportedly gone underground.
Authorities in Iran have unveiled a new mural in a central Tehran square with a direct warning to the United States to not attempt a military strike on the country.
Meanwhile, a massive winter storm that stretches across the U.S. has knocked out power to hundreds of thousands of people in the South and is now slamming the Northeast with snow, crippling travel.
An estimated 10 percent of U.S. natural gas production is offline due to freezing conditions, leading to supply tightness.
Oil Prices Hold Steady On Supply Concerns
2026-01-26 09:31:09
