Oil Prices Hit Four-Month High as US Storm, Weak Dollar Lift Crude

Crude oil prices rose on January 28, driven by US winter storm, a weak dollar, and global supply concerns. WTI traded above $62 per barrel, while Brent neared $68. US production losses, Kazakhstan outages and Middle East tensions supported prices.

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Crude oil prices rise sharply amid storm-led supply cuts

Crude oil prices moved higher on Wednesday, January 28, 2026, as supply disruptions in the United States, a weaker US dollar, and global geopolitical tensions pushed markets upward. Traders reacted strongly to weather-related production losses and signs of tighter supply, sending prices to their highest levels in nearly four months.

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Crude oil price trend on January 28, 2026

Crude oil rose to $63.36 per barrel on January 28, 2026, marking a 1.56% increase from the previous trading day, per Trading Economics. Over the past month, prices have climbed 9.10%, showing strong short-term momentum.

Despite this rise, crude oil remains 12.75% lower than its level a year ago, highlighting the volatility seen in global energy markets. The price data is based on trading in a contract for difference (CFD) that tracks the benchmark crude oil market, according to Reuters. 

Historically, crude oil reached an all-time high of $410.45 per barrel in December 2025. The latest crude oil data, forecasts, and historical charts were last updated on January 28, 2026.

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US winter storm disrupts crude production

A severe winter storm sweeping across the United States played a major role in lifting oil prices. The storm cut US crude oil production by up to 2 million barrels per day, equal to around 15% of total national output.

The extreme cold also forced a temporary halt to crude exports from the US Gulf Coast. Power failures and damaged energy infrastructure slowed operations, while icy and wet conditions across southern states are expected to delay a full restart.

According to ship-tracking service Vortexa, US Gulf Coast crude exports fell to zero on Sunday before recovering partially on Monday.

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Futures prices hover near four-month highs

US West Texas Intermediate (WTI) crude futures hovered above $62 per barrel, following a nearly 3% gain in the previous session. This rise pushed prices to their highest level in almost four months.

At around 1302 GMT, Brent crude futures rose 38 cents, or 0.6%, to $67.95 per barrel. WTI crude gained 37 cents, or 0.6%, to $62.76 per barrel.

Both Brent and WTI are on track for their largest monthly percentage gains since July 2023, with Brent set to rise about 12% and WTI around 10%.

Weak US dollar supports oil prices

Another key factor supporting oil prices is the weak US dollar, which is hovering near its lowest level in nearly four years against a basket of major currencies.

A softer dollar makes oil cheaper for buyers using other currencies, increasing demand for dollar-priced commodities like crude oil. Markets are also watching the US Federal Reserve, which is widely expected to keep interest rates unchanged, with its decision due later on Wednesday.

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Global supply risks and geopolitical tensions

Supply concerns extend beyond the United States. Kazakhstan continues to face production losses, helping support the price rally. Although the country hopes output at the Tengiz oil field may restart within a week, some sources say the delay could last longer.

Pipeline operator CPC, which handles about 80% of Kazakhstan’s oil exports, has restored full loading capacity at its Black Sea terminal after maintenance at a mooring point damaged by drones.

Meanwhile, traders are closely monitoring the US military buildup in the Middle East and rising risks of possible action against Iran, adding to market uncertainty.

OPEC+ and Venezuela developments in focus

The OPEC+ group, which includes OPEC members, Russia, and allies, is expected to maintain its pause on output increases for March. The group will meet on February 1, according to delegates.

In contrast, US officials are reportedly working on a general licence that could ease sanctions on Venezuela’s energy sector, a move that may add supply and limit further price gains.