Crude Oil Price in US on January 23 Rises After Donald Trump Warns Iran

Oil prices rose on January 23 as fresh warnings from US President Donald Trump against Iran raised fears of supply disruption. Brent climbed to $65.18 a barrel while WTI moved above $60. The rebound followed earlier losses after eased tariff threats.

Crude oil prices rebound after fresh geopolitical fears

Oil prices moved higher on Friday, January 23, as renewed warnings from US President Donald Trump against Iran raised fears of possible military action in the Middle East. Investors worried that any conflict could disrupt crude oil supplies from the region, especially at a time when production issues have already been reported in Kazakhstan.

The return of geopolitical tension helped oil recover after losses seen a day earlier.

Brent and WTI post strong daily gains

By 12:51 GMT, Brent crude futures for March were up $1.12, or 1.8%, trading at $65.18 a barrel. At the same time, US West Texas Intermediate (WTI) crude rose $1.06, also 1.8%, to $60.54 a barrel, according to a report by Trading Economics.

Market data later showed that Crude Oil rose to $60.47 per barrel on January 23, 2026, marking a 1.87% increase from the previous trading day.

Trump’s Iran comments spark supply worries

The rebound came after President Trump said the United States has an 'armada' heading towards Iran, while adding that he hoped force would not be required. He warned Tehran against killing protesters or restarting its nuclear programme, according to a report by Reuters.

A US official confirmed that warships, including an aircraft carrier and guided-missile destroyers, are expected to arrive in the Middle East in the coming days. The United States had earlier carried out strikes on Iran last June, keeping tensions high.

Iran is the fourth-largest oil producer in OPEC, and any disruption could tighten global oil supply.

Earlier price swings linked to Greenland and Europe

Oil prices had already climbed earlier in the week after President Trump made strong statements related to Greenland. However, prices dropped by nearly 2% on Thursday after he eased tariff threats against Europe and ruled out immediate military action.

On Thursday, Trump said that the US, Denmark, and NATO had reached an agreement that would allow “total access” to Greenland, calming markets temporarily before fresh Iran-related concerns emerged.

Monthly gains remain, yearly losses persist

Over the past one month, crude oil prices have risen by 3.64%, supported by steady demand and supply risks. However, prices are still around 19% lower than a year ago, based on CFD trading data that tracks benchmark oil markets.

Historically, crude oil is reported to have reached an all-time high of 410.45 in December 2025, according to the same data source.

Demand outlook offers some support

Adding to market support, Saudi Aramco’s CEO said concerns about a global oil glut may be overstated. He pointed to strong underlying demand, with global oil consumption reaching record levels last year and expected to rise further in 2026.

This view contrasts with the International Energy Agency, which recently repeated that global oil supply is likely to exceed demand this year, even after slightly raising its demand growth forecast.

A weaker US dollar also helped oil prices, as it made dollar-priced commodities cheaper for global buyers.

Market watches Middle East closely

As traders weigh demand data against rising geopolitical risks, oil markets remain sensitive to developments in the Middle East. Any escalation involving Iran could quickly affect prices in the days ahead.