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Oil prices climbed about 3 per cent on Friday, reaching their highest levels in more than a week, after the United States intensified pressure on Iran by imposing fresh sanctions and announcing the deployment of a naval “armada” to the Middle East, raising concerns over potential supply disruptions.
Read More: Oil prices record steepest annual drop
Brent crude futures rose $1.93, or 3 per cent, to $65.99 a barrel, while US West Texas Intermediate (WTI) crude gained $1.80, also around 3 per cent, to $61.16 by mid-afternoon trading in New York. Both benchmarks were trading at their highest levels since January 14 and were on track for weekly gains of more than 2.5 per cent.
#Oil rises as #Trump warns of potential military action against Iran
• #WTI crude futures gained 1.97% to $60.53 per barrel amid rising #geopolitics risks.
• Brent futures rose 1.90% to $65.28 as markets priced potential #Iran supply disruption.
• Energy analysts note… pic.twitter.com/iVXIkG8d5B— Otet Markets (@otetmarkets) January 23, 2026
US President Donald Trump said on Thursday that an “armada” was heading toward Iran, renewing warnings to Tehran against killing protesters or restarting its nuclear programme. The comments heightened geopolitical tensions in the Middle East, a key oil-producing region, and added to market fears of supply disruptions.
A US official said warships, including an aircraft carrier and guided-missile destroyers, are expected to arrive in the region in the coming days. The United States carried out strikes on Iran in June last year amid heightened tensions.
Adding to market pressure, the US Treasury on Friday announced sanctions on nine vessels and eight related companies involved in transporting Iranian oil and petroleum products. The measures are part of Washington’s broader effort to curb Iran’s oil exports.
Iran produces around 3.2 million barrels of crude oil per day, making it the fourth-largest producer within the Organisation of the Petroleum Exporting Countries (Opec), behind Saudi Arabia, Iraq and the United Arab Emirates.
Read More: Oil prices slide over 2% after Trump eases Iran war fears
Oil prices were also supported by supply concerns outside the Middle East. Chevron said production at Kazakhstan’s Tengiz oilfield, one of the world’s largest, had yet to resume following a shutdown earlier in the week after a fire, adding to uncertainty over global supply.