Oil Prices Spike to 7-Week High

Oil just hit its highest point in seven weeks, driven by real worries that Iran's exports could take a hit. It's all tied to chaos in the Middle East and some bold moves from the U.S., making everyone wonder how this will shake out for global energy. On January 13, 2026, Brent crude oil settled around $64.10 a barrel, up about 0.4 percent from the day before. That's after a nearly 6 percent jump over the last few sessions. Meanwhile, West Texas Intermediate, or WTI, landed at $59.70 a barrel.
These gains mark the fourth day in a row of increases, pushing prices to levels not seen since early December. Massive protests in Iran that are now in their third week, the largest since 2022.
Strikes have hit pipelines and petrochemical plants since November, and stockpiles at export terminals have dropped by a fifth. Iran pumps out about 3.3 million barrels a day, so any halt could tighten supplies worldwide.
It's got experts nervous about production stalling. Then there's the U.S. angle. President Donald Trump dropped a bombshell on social media, slapping 25 percent tariffs on goods from countries that trade with Iran, think China, the top buyer of Iranian crude.
He made it effective right away, echoing past threats against places like India and Turkey. This amps up the pressure, potentially scaring off buyers and squeezing Iran's exports even more. On the other side, Venezuela's ramping up output after U.S. ousted Maduro earlier this month.
But right now, the Iran fears are winning out, overriding those surpluses. If these tensions simmer down, prices might ease.

Credits: Economy Middle East/ Finance Yahoo

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