Oil prices chill out as Iran protests calm down
Oil prices are holding steady—Brent is at $64.18 a barrel, and US crude is up to $59.52.
This calm comes after Iran's harsh crackdown on protests that started late December, which has eased worries about a bigger US-Iran conflict and reduced the "war premium" on oil to about $4 per barrel.
Why does this matter?
Iran's one of the top oil producers, and any chaos there usually shakes up global supply, especially since so much oil passes through the Strait of Hormuz.
But with things settling (at least for now), fears of major disruptions have faded.
What else is affecting prices?
US crude stockpiles actually went up last week—surprising everyone—and the US has said it would run Venezuela's oil industry and is moving to grant Chevron an expanded production license.
These extra supplies helped keep prices from swinging too wildly despite all the drama in Iran and beyond.