Crude Oil Prices Extend Gains on Jan 29, 2026 Amid Rising Tensions Over Iran

Global oil markets recorded a third consecutive day of gains as geopolitical tensions involving Iran unsettled investors. 

Growing speculation over possible US military action in the Middle East raised concerns about potential supply disruption. 

At the same time, fresh data showing a decline in US crude stockpiles added further upward pressure on prices.

Markets React to Geopolitical Uncertainty

Crude prices continued to climb as traders responded to heightened tensions between the United States and Iran.

Brent crude futures increased by around 0.7% to near $69 per barrel, while West Texas Intermediate advanced almost 1% to roughly $64 per barrel in early trading.

Market participants remain alert to any developments that could threaten oil supply routes in the region.

US Pressure on Iran Raises Supply Concerns

Political risk has become a key driver behind the recent price movement. Reports indicate that US leadership is considering stronger measures against Iran in response to its nuclear activities.

The arrival of a US naval group in the region has reinforced speculation about possible military escalation. Iran remains a significant oil producer within OPEC, supplying over three million barrels per day, meaning any disruption could influence global supply balances.

US Crude Inventories Offer Additional Support

Beyond geopolitics, market sentiment was strengthened by data from the US Energy Information Administration showing a larger-than-expected drop in crude stockpiles.

Inventories fell by more than two million barrels in the latest reporting week, suggesting steady demand in the world’s largest oil-consuming nation.

Investor Focus Remains on Developments Ahead

Traders are likely to remain cautious as they monitor political statements and regional movements. Supply data and diplomatic developments will continue to shape short-term price direction.

Read More: GAIL Share Price Rises 3% Following Long-Term LNG Carrier Deal with MOL.

Conclusion

Oil prices have advanced for a third session, driven by a combination of geopolitical concerns surrounding Iran and supportive inventory data from the United States. While markets remain sensitive to further developments, price movements will depend on how political and supply-side factors evolve in the days ahead.

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