Accra: Global oil prices surged on Thursday, January 29, 2026, as rising tensions involving Iran fueled fears of supply disruptions. Brent crude hit its highest level in four months, while markets reacted nervously to concerns over a possible US military strike on Iran, a major oil producer and key member of OPEC.
According to Ghana Web, Brent futures climbed to $70.35 a barrel, the strongest level since late September 2025. US West Texas Intermediate crude briefly rose above $65 a barrel, also reaching a four-month high. Analysts said the price rally reflected a widening geopolitical risk premium as investors weighed the consequences of escalating tensions in the Middle East.
Iran currently produces about 3.2 million barrels of oil per day, making it OPEC's fourth-largest producer. Analysts note that even a limited conflict could disrupt exports or infrastructure, tightening an already fragile supply-demand balance. US President Donald Trump has increased pressure on Tehran to end its nuclear program, with threats of military strikes and the arrival of a US naval group in the region. Trump is considering options that include targeted strikes on security forces and leaders to potentially topple Iran's rulers.