Crude oil prices finished steady on Monday, a U.S. federal holiday.
Instead of Venezuela and Iran, market-watchers had their attention turned Monday on the U.S. war of words over Greenland. The refocus reduced any chances of a U.S. attack on Iran, a possibility that would have disrupted supplies.
Reuters reported that in the longer term, the crude market will continue to face downward pressure from an increase in Venezuelan oil on the U.S. Gulf Coast, while a new forecast from the International Monetary Fund predicting stronger economic growth in 2026 should increase demand expectations.
The news agency reported 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.
Global benchmark Brent crude finished up one penny or 0.02% and closed at $64.14.
West Texas Intermediate for February remained flat from the previous day’s settlement at $59.44 a barrel on the New York Mercantile Exchange.
Natural gas prices shot up nearly 15%, closing at $3.567 MMBtu after a gain of $0.464 or 14.95%.