Gas prices might ease up a bit soon. Oil prices took a small dip on Monday, January 12, 2026, as markets reacted to calmer news from Iran and signs that Venezuelan oil could start flowing again. It's one of those stories where global politics directly hits our wallets. In Iran, protests erupted over the weekend, sparking worries about disruptions to their oil supply, they pump out about 1.9 million barrels a day. But Iranian officials quickly claimed they had "total control," which calmed investors. That led to Brent crude dropping 12 cents to around $62.95 a barrel, and U.S. West Texas Intermediate falling 14 cents to $59.80.
From Tehran to trading floors in Singapore, everyone breathed a sigh of relief, at least for now. Meanwhile, over in Venezuela, things are shifting fast. President Nicolas Maduro was ousted last week in a U.S.-backed move, with forces capturing him in Caracas on January 5. Now, the new interim government is set to hand over up to 50 million barrels of sanctioned oil to the United States.
Treasury Secretary Scott Bessent hinted at lifting more sanctions as early as next week, paving the way for exports to resume. Oil companies are scrambling to line up tankers at ports like Puerto La Cruz, hoping to boost global supply.
With unrest in the Middle East and political shake-ups in South America, stability feels fragile. What if protests start again? It's a wait-and-see game. For now, the dip offers a brief win for consumers worldwide.
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