Oil Prices Surge on Geopolitical Tensions in Iran and Venezuela
Oil prices rose to seven-week highs as Iran's crackdown on protests raised concerns about export disruptions, while Venezuela's potential supply resumption and Russian tensions added to market volatility.
Insights:
Oil prices reached their highest levels in seven weeks on January 12, 2026, as geopolitical tensions involving three key OPEC members—Iran, Venezuela, and Russia—intensified. Brent Crude Oil rose 53 cents, or 0.8%, to settle at $63.87 per barrel, marking its highest point since November 18, 2025. Similarly, WTI Crude Oil increased by 38 cents, or 0.6%, closing at $59.50 per barrel, the highest since December 5, 2025.
