Oil Prices Drop 2%: Brent Crude Falls Below $70/Barrel
- Oil prices fell around 2% during trading today, Friday, January 30, 2026, giving up some of the gains achieved in the last 3 sessions.
- Despite the decline,crude prices are on track to achieve their biggest gains in years,as the risk premium has risen due to a potential US attack on Iran that...
- Tensions have escalated due to the US military buildup in the Middle East, as US President Donald Trump called on Iran on Wednesday to reach an agreement regarding...
Oil prices fell around 2% during trading today, Friday, January 30, 2026, giving up some of the gains achieved in the last 3 sessions.
Despite the decline,crude prices are on track to achieve their biggest gains in years,as the risk premium has risen due to a potential US attack on Iran that could disrupt supplies.
Tensions have escalated due to the US military buildup in the Middle East, as US President Donald Trump called on Iran on Wednesday to reach an agreement regarding…
Both benchmarks (Brent and West Texas Intermediate) posted their first monthly gains in 6 months, with Brent crude rising by 14.7%, marking it’s largest jump since January 2022. West Texas Intermediate is on track to increase by 12% in January, its biggest monthly gain since July 2023.
global oil supplies tightened in January due to production cuts and weather disruptions. Output from OPEC+ nations, including Russia, Venezuela, and Kazakhstan, fell by a combined 1.5 million barrels per day, according to reports. Kazakhstan announced Wednesday it is indeed resuming oil exports via the Caspian Pipeline consortium (CPC) after repairs related to storm damage.
The polar vortex currently impacting the United states will likely reduce crude oil and condensate production by 340,000 barrels per day this month, further straining supply.