Oil dips as investors assess Iran supply, Venezuelan export resumption

LONDON, Jan 12 (Reuters): Oil prices dipped on Monday after Iran said it had total control following the biggest anti-government demonstrations in years, easing some concerns over supply from the OPEC producer, while investors also weighed efforts to resume oil exports from Venezuela.

Brent crude futures lost 31 cents, or 0.5 per cent, to $63.03 a barrel by 1045 GMT while US West Texas Intermediate crude was at $58.76 a barrel, down 36 cents, or 0.6 per cent.

"Lower European equity markets and lack of additional supply disruptions is moderately weighing on oil prices, following a strong rally at the end of last week," said UBS analyst Giovanni Staunovo.

Both benchmarks rose more than 3 per cent last week in their biggest such rise since October, as Iran's clerical establishment stepped up its crackdown on the biggest demonstrations since 2022, though protests escalated over the weekend.

The situation in Iran is "under total control" after widespread demonstrations over the weekend, Foreign Minister Abbas Araqchi said on Monday in remarks translated to English.

US President Donald Trump had warned of possible military intervention to a violent crackdown on the Iranian protests.

More than 500 people have been killed in the civil unrest, a rights group said on Sunday.

Trump is expected to meet senior advisers on Tuesday to discuss options for Iran, a US official told Reuters.