Oil prices dipped on Monday, January 12, 2026, after Iran said it had “total control” following weekend violence, while investors also weighed efforts to resume oil exports from Venezuela.
Iran’s statement eased some concerns over supply from the OPEC producer.
Brent crude futures lost 9 cents to $63.25 a barrel by 0750 GMT, while U.S. West Texas Intermediate crude was at $59.02 a barrel, down 10 cents.
Both benchmarks rose more than 3% last week in their biggest such rise since October, as Iran’s clerical establishment stepped up its crackdown on the biggest demonstrations since 2022, though protests escalated over the weekend.
Foreign Minister Abbas Araqchi said on Monday that the situation in Iran is “under total control” after the weekend spike in violence,
He added that United States President Donald Trump’s warning of action against Iran should protests turn bloody motivated “terrorists” to target protesters and security forces in order to invite foreign intervention.
A rights group said on Sunday that more than 500 people have been killed in Iran’s civil unrest.
Oil prices rise over supply disruptions in Venezuela, Iran
Trump is expected to meet senior advisers on Tuesday to discuss options for Iran, a U.S. official told Reuters.
Venezuela is also expected to resume oil exports soon following the ouster of President Nicolas Maduro, as Trump said last week the government in Caracas is set to turn over as much as 50 million barrels of sanctioned oil to the United States.
That has set off a race among oil companies to find tankers and prepare operations to ship the crude safely from vessels and dilapidated Venezuelan ports, four sources familiar with the operations said.
In a White House meeting on Friday, Trafigura said its first vessel should load in the next week.
A senior market analyst at Phillip Nova, Priyanka Sachdeva, said oil prices are expected to stay rangebound unless there is a clear demand revival or a meaningful supply disruption.
Investors are also watching the risk of disruptions in supply from Russia, amid Ukraine’s attacks targeting its energy facilities and the prospects of tougher U.S. sanctions on Russian energy.
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