Oil Prices Slip as Iran Tensions Ease, Crude Futures Drop 1.8% on Friday

Global oil prices declined on January 19, 2026, as geopolitical tensions between Iran and Western nations eased following diplomatic engagement in Vienna. Brent crude futures fell $1.45 to $79.30 per barrel, while U.S. West Texas Intermediate (WTI) dropped 1.8% to $76.10, marking the first significant pullback in three weeks. The decline followed reports that Iran had agreed to limit uranium enrichment activities under renewed IAEA monitoring. Market analysts noted that reduced risk of supply disruption outweighed ongoing OPEC+ production cuts. Energy traders now anticipate a more balanced global supply-demand dynamic in Q1 2026, with inventory levels expected to stabilize by mid-February.