Oil prices rose to their highest since late September on Thursday, January 28, 2026, on looming Iran concerns, supported by a weak United States dollar.
Brent crude futures settled up 83 cents, or 1.23%, to $68.40 a barrel, while U.S. West Texas Intermediate crude closed 82 cents, or 1.31%, higher at $63.21.
Both benchmarks were headed for their biggest monthly rises in percentage terms since July 2023, with Brent set to rise around 12% and WTI around 10%.
United States President Donald Trump urged Iran on Wednesday to come to the table and make a deal on nuclear weapons or the next U.S. attack would be far worse, but Tehran said that if that happened it would fight back as never before.
Nigeria’s crude oil sales hit N55.5trn in 2025
A U.S. aircraft carrier and supporting warships arrived in the Middle East, U.S. officials said earlier this week.
“The markets were up on concerns about the U.S.’ armada, but they pulled back on the possibility of peace (between Russia and Ukraine),” a senior analyst at Price Futures Group, Phil Flynn, told Reuters.
Trilateral negotiations between Russia, Ukraine, and the U.S. are set to resume in Abu Dhabi on February 1.
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