Algiers, January 23, 2026 – Oil prices experienced a significant upswing today following renewed threats from US President Donald Trump against Iran, a major oil producer in the Middle East. The President’s remarks have stoked fears of potential military action that could disrupt global oil supplies.
As of 10:30 AM Algerian time, Brent crude futures for March delivery rose by 1.05% to $64.73 per barrel. West Texas Intermediate (WTI) crude also saw an increase, climbing 1.11% to $60.02 per barrel. Both benchmarks had experienced a decline of approximately 2% yesterday.
The price surge was triggered by President Trump’s comments to reporters aboard Air Force One. He stated that the United States has a “naval armada” heading towards Iran, while expressing hope that its use would not be necessary. He reiterated warnings to Tehran against harming protestors or resuming its nuclear program.
Analysts suggest the market is reacting to the increased uncertainty surrounding the stability of oil production in the region. Any disruption to Iranian oil exports would have a significant impact on global supply, potentially driving prices even higher.
Both Brent and WTI crude are on track to record weekly gains of approximately 0.6%. Prices had previously risen earlier in the week in response to President Trump’s threats of invading Greenland.
The situation remains fluid, and market watchers are closely monitoring developments in the US-Iran relationship for further indications of potential impacts on the oil market. The coming days will be crucial in determining the direction of oil prices in the near term.
