Oil prices were subdued on Tuesday amid oversupply worries. Iran’s crackdown on protests quelled civil unrest, lowering the chance of an attack that could disrupt supplies from the major Middle Eastern producer.
Iran accounts for a significant share of global output and therefore recent signs that there would be no immediate U.S. military intervention helped reduce risks to supply across the Persian Gulf region.
That said, a weaker dollar and better-than-expected fourth-quarter Chinese gross domestic product data released on Monday helped limit overall losses.
Benchmark Brent crude futures slid 0.1 percent to $63.85 a barrel while WTI crude futures were down 0.3 percent at $59.19.
WTI contracts did not settle on Monday due to the U.S. Martin Luther King Jr. Day holiday.
Traders monitored the latest developments over Greenland after the United States deployed military aircraft to Pituffik Space Base in Greenland, prompting Denmark to rush its Army chief and troops to the Arctic Island in a dramatic escalation of tensions.
In another significant development, U.S. President Donald Trump threatened to impose 200 percent tariffs on French wine and champagne after Paris rejected his invitation to join his proposed Board of Peace initiative aimed at resolving global conflicts, saying it “does not intend to answer favourably.”
Oil Prices Subdued In Cautious Trade
2026-01-20 09:30:50
