Oil Prices Steady as Tensions with Iran Ease, Iraqi Crude Falls

AFP

Oil prices.

Oil prices were largely steady on Monday, 19 January 2026, after concerns over a possible US military strike on Iran eased following the subsiding of unrest in one of the Middle East’s biggest crude producers. This reduced fears of supply disruption, helping calm markets.

By 03:27 GMT, Brent crude was trading at $64.19 a barrel, up 6 cents, or 0.09%, while US West Texas Intermediate (WTI) for February delivery rose 9 cents, or 0.15%, to $59.53 a barrel. The more actively traded March contract was at $59.39 a barrel.

On the global market, Iraqi crude prices also fell during the week’s trading. Basra Medium crude slipped to $61.33 a barrel and Basra Heavy settled at $58.88, representing respective declines of about 0.95% and 0.80%.

Market analysts noted that the recent drop in prices reflected a swift reduction in the geopolitical “premium” that had lifted crude to multi‑week highs, as signs emerged of decreasing unrest in Iran and a lower likelihood of direct US intervention.


PUKMEDIA