Oil prices fell on Tuesday as investors kept an eye on a resumption in supply from Kazakhstan, but price declines were limited as a massive winter storm hit ​crude production and affected refineries on the U.

Oil prices rose on Friday after U.S. President Donald Trump ratcheted up pressure against Iran through fresh sanctions on vessels that transport its oil, and announced that an armada was heading towards the Middle Eastern nation.

Oil futures settled lower in a rangebound session, supported in part by the loss of some U.S. production to winter storm Fern and gains in diesel prices as heating fuel demand rose.

By Robert Harvey LONDON, Jan 21 (Reuters) - The global oil market will be in deep surplus in the first quarter of 2026, the International Energy Agency said on Wednesday, as so far excess supplies have offset the geopolitical risk of disruption.