Oil prices fluctuate amid geopolitical tensions

20/01/2026 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices fluctuated today, Jan. 20, as markets monitored escalating geopolitical tensions between the United States and Europe over Greenland.

 

Brent crude was trading up 0.15% at $64.03 a barrel, at 09:09 am Makkah time. West Texas Intermediate (WTI) held steady at $59.36 a barrel.

 

According to the Russian news agency Interfax, the Ministry of Energy stated that Kazakhstan exported 80 million tons of oil in 2025.

 

Fears of a renewed trade war have intensified after the US president threatened to impose additional tariffs of 10% starting in early February on goods imported from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Britain, rising to 25% on June 1 if no agreement is reached on Greenland.

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