economy
January 29, 2026
Prospect of strike on Iran sends oil prices soaring
Oil prices spiked on Thursday as traders weighed the possibility of conflict in the Middle East amid President Donald Trump‘s increased pressure on Iran to accept a nuclear deal, with warnings of a possible military strike.
TL;DR
- Oil prices rose sharply on Thursday, with Brent crude hitting $71.73 and WTI reaching $66.37 per barrel.
- The price increase is attributed to fears of conflict in the Middle East, stemming from President Trump's pressure on Iran regarding a nuclear deal.
- Trump warned Iran of potential U.S. military strikes if they do not negotiate, likening the potential response to operations in Venezuela.
- Iran, a major oil producer, is scheduled to hold live-fire exercises in the Strait of Hormuz, a key shipping lane for oil exports.
- The U.S. has deployed the Abraham Lincoln Carrier Strike Group to the region as a show of force.
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