Oil prices reach multi-month highs as Iran tensions fuel supply concerns
Oil prices rose Friday as tensions in Iran kept supply risks in focus despite easing escalation fears. Both benchmarks reached multi-month highs this week.
Insights:
Oil prices climbed on Friday to reach their highest levels in months as market participants monitored ongoing geopolitical supply risks stemming from tensions in IR 
IR. By 1151 GMT on Friday, January 16, 2026, Brent Crude Oil had gained 79 cents, or 1.24%, to reach $64.55 a barrel. Simultaneously, West Texas Intermediate Crude Oil in the US 
USrose by 74 cents, or 1.25%, to settle at $59.93. Both global benchmarks achieved multi-month highs during the week and are currently on course to record a fourth consecutive weekly gain.
IR. By 1151 GMT on Friday, January 16, 2026, Brent Crude Oil had gained 79 cents, or 1.24%, to reach $64.55 a barrel. Simultaneously, West Texas Intermediate Crude Oil in the US USrose by 74 cents, or 1.25%, to settle at $59.93. Both global benchmarks achieved multi-month highs during the week and are currently on course to record a fourth consecutive weekly gain.
