Jan 30, 2026 (MarketLine via COMTEX) --
There was an overall increase in crude oil prices during the week amid a resurgence in tensions between the US and Iran. The US deployed its naval assets in the Middle East, thereby raising speculation over an imminent attack on Iran, and heightened the risk to global crude oil supplies from this critical region. Prices also received support from a brief disruption in oil and gas production and processing activity across the US due to inclement weather conditions. The confirmation of the next Chair of the US Federal Reserve also had a bearing on crude oil prices during the week.
Some key factors that led to changes in crude oil prices this week are as follows:
Oil prices dipped on Monday, weighed down by reports that the outage-hit Tengiz oilfield in Kazakhstan was soon to resume production. Operators of the field had declared force majeure last week following a power issue. Prices were also weighed down by a weekly rise in the US oil rig count by one, implying a likely rise in the country's output over the coming weeks.Oil prices rose on Tuesday and Wednesday, supported by the disruption in crude oil production and exports from the US amid a severe winter storm. The weather conditions in the country caused outages at multiple production sites, reportedly impacting around 2 million bpd of output over the weekend. Prices also received support from rising US-Iran tensions following the arrival of the US Navy's Abraham Lincoln Carrier Strike Group in the region. It raised the possibility of a conflict between the two countries, which would hamper energy exports from the Middle East. Oil prices gained on Thursday and then remained largely firm on Friday, supported by reports that the US was evaluating the possibility of striking select facilities within Iran. It stoked worries over the potential response from Iran, including a blockade of the crude oil exports through the Strait of Hormuz. Nevertheless, the two countries expressed willingness to hold discussions on the current state of Iran's nuclear program and other issues, which somewhat eased the geopolitical tensions. Besides, the gains in oil prices were also contained by a rise in the US dollar against a basket of foreign currencies. This was after the US announced that Kevin Warsh, a vocal advocate of low interest rates, would take office as the next President of the Federal Reserve in May 2026.
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COMTEX_473549072/2227/2026-02-14T18:58:41
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