Global crude oil prices reach multi-month highs amid geopolitical risks
Crude prices rose on Wednesday due to geopolitical concerns and supply shocks. Brent and WTI recorded their biggest monthly percentage gains since mid-2023.
Insights:
Global oil benchmark prices rose to multi-month highs on January 28, 2026, supported by geopolitical tensions and supply-side factors. Brent crude futures settled up $0.83, or 1.23%, at $68.40 a barrel, while the US 
USWest Texas Intermediate crude closed up $0.82, or 1.31%, at $63.21 a barrel. These price points represent the highest levels since late September 2025. Brent is currently on track for a month-to-date rise of approximately 12%, while WTI is set for a 10% gain, marking the largest monthly percentage increases for both benchmarks since July 2023.
USWest Texas Intermediate crude closed up $0.82, or 1.31%, at $63.21 a barrel. These price points represent the highest levels since late September 2025. Brent is currently on track for a month-to-date rise of approximately 12%, while WTI is set for a 10% gain, marking the largest monthly percentage increases for both benchmarks since July 2023.
