Oil prices drop as Iran protests subside

Oil prices were down on Monday, January 19, 2026, after rising during the previous session as civil unrest in Iran subsided.

The development lowered the chance of a United States attack that could disrupt supply from the major Middle Eastern producer.

Brent crude was trading at $63.85 a barrel at 0734 GMT, down 28 cents or 0.44%.

U.S. West Texas Intermediate for February fell 36 cents, or 0.61%, to $59.08 a barrel.

The contract expires on Tuesday and the more active March contract was at $59.10, down 24 cents, or 0.40%.

Iran’s violent crackdown on protests spurred by economic hardship, which officials told Reuters killed 5,000 people, quelled the unrest.

Iran protest death toll rises to 3,000

U.S. President Donald Trump seemed to step back from his earlier threats of intervention, saying on social media Iran had called off mass hangings of protesters, although the country had not announced any such plans.

That appeared to lower the odds of a U.S. intervention that could have disrupted oil flows from the fourth-largest producer among the Organization of the Petroleum Exporting Countries (OPEC).

The downturn signalled a renewed retreat from multi-month highs reached last week, although prices still settled higher on Friday.

However, the U.S. military move to the Gulf underscores continued concern.

The Star