Oil prices rebounded on Friday, January 23, 2026, after United States President Donald Trump renewed threats against Iran, raising concerns of military action that could disrupt crude supplies.
Brent crude futures for March rose 76 cents, or 1.2%, to $64.82 a barrel by 1026 GMT, while U.S. West Texas Intermediate crude was up 75 cents, or 1.3%, at $60.11.
Both benchmarks were set for weekly gains of about 1.1%.
Prices had also climbed earlier in the week on Trump’s moves on Greenland but dropped by about 2% on Thursday as he backed off tariff threats against Europe and ruled out military action.
Trump said on Thursday that Denmark, NATO, and the U.S. had reached a deal that would allow “total access” to Greenland.
Trump cancels Greenland tariffs, says deal framework reached
However, he added that the U.S. has an “armada” heading towards Iran but hoped he would not have to use it, renewing warnings to Tehran against killing protesters or restarting its nuclear programme.
A U.S. official told Reuters that warships including an aircraft carrier and guided-missile destroyers will arrive in the Middle East in the coming days.
The United States conducted strikes on Iran last June.
Iran is a major exporter to China, the world’s second-largest oil consumer.
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