Oil prices jumped after US President Donald Trump <a href="https://oninvest.com/article/pomos-v-puti-tramp-obratilsa-k-iranskim-protestuusim">addressed </a>protesters in Iran, in which he urged them not to give up and said that "help is on the way," CNBC <a href="https://www.cnbc.com/2026/01/13/oil-prices-today-trump-iran-protests.html">reported </a>. Brent futures rose 2.6 percent to $65.5 a barrel. Exchange contracts for North American WTI added 2.8% and passed the mark of $61 per barrel. At the moment, both grades rose in price by more than 3%.

Oil rose sharply after Trump's words on helping protesters in Iran

Traders in the oil market are watching the development of protests in Iran, which could lead to disruptions in oil production in the country or risk blocking the Strait of Hormuz - the most important route for energy exports from the Middle East, Bloomberg <a href="https://www.bloomberg.com/news/articles/2026-01-12/oil-prices-and-iran-protests-how-could-escalation-of-crisis-impact-industry">writes.</a>

The escalating crisis in Iran and oil: five issues the market is watching right now

Valero Energy Corporation

Chevron Corporation

Exxon Mobil Corporation

Marathon Petroleum Corporation

The US and Venezuela have begun negotiations on oil supplies to American refineries — Reuters

Oil States International, Inc.

Prices are also affected by tensions surrounding Venezuela and China's willingness to purchase more raw materials.


Oil prices rose by 2%. The market saw no progress in the negotiations between Trump and Zelensky.

If OPEC fails to replace Venezuela's embargo-affected oil exports, the impact of the embargo could be $5-8 per barrel, says a former U.S. State Department diplomat 

Oil rises after Trump orders blockade of tankers off Venezuela's shores

Shell plc

BP p.l.c.

Peace progress in Ukraine could reduce risks to Russia's supply of commodities

Oil has fallen in price by almost 3% over the day. Brent has the weakest annual dynamics since 2020

Benchmark grade cheaper amid fresh hopes for peace in Ukraine

Brent crude oil price falls below $60 per barrel - first time since Ma 

OPEC maintained its previous forecast for global oil supply and demand in 2026, expecting the market to be balanced. This goes against widespread forecasts of oversupply, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-12-11/opec-data-point-to-balanced-global-oil-market-in-2026?">notes</a>.

OPEC expects a "balanced" oil market in 2026 - contrary to Wall Street predictions

If China reduces the rate of oil purchases, this "super surplus" will come even sooner

A major oil trader has warned of a "super surplus" of crude in 2026

Oil prices fell by about 2% in trading on November 25 amid signs of progress on a peace plan between Ukraine and Russia. Brent crude futures were down 2% to $62, while West Texas Intermediate (WTI) fell almost 2.6% to $57.

Oil cheaper by 2% amid progress on peace plan work

Bank analysts expect the market to voluntarily cut production to support prices

JPMorgan warned of a possible oil price drop to $30 in 2027 

The cost of contracts for delivery of Mark Brent oil with execution in January declined at the auction on November 21 by more than 2%: the price fell below $62 per barrel, follows from the <a href="https://www.ice.com/products/219/Brent-Crude-Futures/data?marketId=5884693&amp;span=1">data of</a> the Intercontinental Exchange. WTI futures also fell by more than 2% to $57.4 per barrel.