Finance
Oil Steadies as Iran Supply Fears Ease and Greenland Moves Into Spotlight
Published by Global Banking & Finance Review®
Posted on January 19, 2026
3 min readLast updated: January 19, 2026
Add as preferred source on GoogleQuick Summary
Oil prices fall as Iran unrest eases, reducing supply fears. Greenland tensions with the U.S. and EU escalate, affecting market dynamics.
Oil Prices Stabilize as Iran Tensions Ease and Greenland Gains Attention
Oil Market Overview
By Seher Dareen
Impact of Iranian Unrest
LONDON, Jan 19 (Reuters) - Oil prices were largely steady on Monday as civil unrest in Iran subsided, reducing the likelihood of a U.S. attack that could disrupt supply from the major producer, while the market also tracks developments in the stand-off over Greenland.
Greenland and U.S. Tariffs
Brent crude was down 32 cents, or 0.5%, at $63.81 a barrel by 1417 GMT.
Market Reactions and Predictions
West Texas Intermediate for February lost 26 cents, or 0.44%, to $59.18 a barrel. The contract expires on Tuesday and the more active March contract was at $59.08, also down 26 cents, or 0.44%.
"While the price action in oil has calmed down since last week, it looks like the short-term path continues to be higher," said IG analyst Chris Beauchamp.
Iran's violent crackdown has quelled protests that officials say killed 5,000 people. U.S. President Donald Trump, meanwhile, seems to have stepped back from earlier threats of intervention.
"With fears around Iran subsiding over the last few days after rumours of a U.S. attack, the market is now focusing on the Greenland situation and how deep any fallout between the U.S. and Europe could be, as any trade war expansion could impact demand," said Rystad analyst Janiv Shah.
EU leaders will convene in Brussels on Thursday for an emergency summit after Trump's threats to impose tariffs on several EU countries over his demand to acquire Greenland, a European Union spokesperson said on Monday.
Trump said on Saturday that European imports would be hit by a wave of increasing tariffs until the United States is allowed to buy Greenland, escalating a dispute over the future of Denmark's vast Arctic island.
The market was also looking at the risk of damage to Russian infrastructure and distillate supplies at a time when colder weather is forecast to cross North America and Europe, adding to market unease, said PVM Oil Associates analyst John Evans.
U.S. markets are closed on Monday for Martin Luther King Jr. Day.
Kazakh oil venture Tengizchevroil, led by Chevron, said on Monday that it had temporarily halted output as a precautionary measure at the Tengiz and Korolev oilfields after problems with power distribution systems.
(Reporting by Robert Harvey Seher Dareen in London, Mohi Narayan in New Delhi and Colleen Howe in BeijingEditing by Kirsten Donovan and David Goodman)
Key Takeaways
- •Oil prices decrease due to easing Iran unrest.
- •Greenland tensions impact U.S.-EU relations.
- •Brent crude and WTI crude prices fall.
- •Kazakhstan halts oil production temporarily.
- •U.S. markets closed for Martin Luther King Jr. Day.
Frequently Asked Questions about Oil steadies as Iran supply fears ease and Greenland moves into spotlight
1What is Brent crude?
Brent crude is a major trading classification of crude oil originating from the North Sea. It serves as a benchmark for oil prices globally and is used to price two-thirds of the world's crude oil supplies.
2What is West Texas Intermediate (WTI)?
West Texas Intermediate (WTI) is a grade of crude oil used as a benchmark in oil pricing. It is sourced from the United States and is known for its high quality and low sulfur content.
3What is the EIA?
The EIA, or U.S. Energy Information Administration, is a statistical agency of the U.S. Department of Energy. It provides data on energy production, consumption, and trends in the energy market.
4What is a crude oil build?
A crude oil build occurs when the amount of crude oil in storage increases, indicating that production exceeds consumption. This can lead to lower oil prices due to oversupply.
