Oil Prices Surge on Geopolitical Tensions, Supply Concerns, and Demand Outlook

Global oil prices rose sharply at the close of trading on January 23, 2026, driven by escalating geopolitical tensions, supply concerns, and positive demand forecasts for 2026.

Brent crude climbed by 2.8%, reaching $65.88 per barrel, while West Texas Intermediate (WTI) also gained, rising to $61.07 per barrel. This surge helped both benchmarks secure weekly gains of approximately 2.7%.

Latest Oil Prices:

WTI Crude • 61.07 +1.71 +2.88%

Brent Crude • 65.88 +1.82 +2.84%

Murban Crude • 65.94 +1.21 +1.87%

Louisiana Light • 61.73 +0.85 +1.40%

Bonny Light • 78.62 -2.30 -2.84%

Opec Basket • 63.21 +0.27 +0.43%

Mars US • 69.79 -0.88 -1.25%

Gasoline • 1.851 +0.034 +1.86%

Natural Gas • 5.275 +0.230 +4.56%

The increase in oil prices comes amid growing concerns about potential disruptions in supply, particularly in the wake of U.S. military movements in the Middle East, signaling heightened tensions with Iran. 

Additionally, demand expectations have improved, buoyed by the International Energy Agency’s (IEA) upward revision of global oil demand growth to 930,000 barrels per day in 2026, driven by a recovery in petrochemical feedstocks.

Looking ahead, analysts expect continued price volatility in 2026, with forecasts suggesting an average price range of $60-62 per barrel. While geopolitical risks and supply disruptions remain a factor, global economic recovery and rising industrial demand are expected to support oil prices in the coming months.