Brent crude falls as supply disruption fears ease

Oil drilling rigs

Oil prices fell at the close of trading today, Jan. 19, as internal unrest in Iran subsided, easing the likelihood of a US military strike that could disrupt supplies from one of the world's largest producers of black gold.

Brent crude futures for March delivery, the most actively traded contract, fell 0.30%, or 19 cents, to $63.94 a barrel.

Oil markets saw calm trading activity, and no settlement was issued for Nymex crude contracts due to the US market holiday commemorating Martin Luther King Jr.

The containment of the protests in Iran led to US President Donald Trump backing down from his threat of military intervention, which helped to calm fears of disruption to global supplies.

Analysts believe that the easing of concerns about Iranian supplies in recent days has led investors to focus on developments in the dispute between the US and Europe over Greenland, Reuters reported.

Trump intensified his pressure to annex Greenland, which belongs to Denmark, a NATO member state, threatening to impose tariffs on a number of European countries that oppose it.

This has prompted EU countries to consider countermeasures and to call for an emergency summit to discuss the situation later this week.