2026.01.2608:53:00UTC+00Brent Pares Gains

Brent crude oil futures were approximately $65.8 per barrel on Monday, tempering earlier increases as market participants assessed a combination of geopolitical, trade, and supply factors. In the Middle East, tensions remain a central concern following the deployment of a US aircraft carrier strike group, which heightened fears of a potential escalation with Iran that could disrupt energy supplies from the region. Trade anxieties also persisted after President Trump threatened to impose 100% tariffs on Canada if it finalized a deal with China. However, Canadian Prime Minister Carney emphasized that Ottawa has no plans for such an agreement, clarifying that the recent deal only alleviates tariffs in select sectors. Meanwhile, a significant freeze in the US has increased heating demand, lending support to oil prices. Conversely, some of the gains were offset by the anticipated normalization of Kazakhstan's oil exports following the repair of an offshore mooring facility. In other developments, Russia-Ukraine discussions concluded without significant progress, though both parties consented to resume negotiations the following weekend.