Over the past 24 to 48 hours, West Texas Intermediate (WTI) crude oil prices have experienced notable volatility. From the closing price of $63.21 on January 28, prices climbed sharply to a high of $66.48 on January 29, closing at $65.62—a roughly 4% surge from the previous day. This rally was primarily driven by growing market concerns that the US may take military action against Iran, heightening risk aversion and sparking a surge to a five-month high.

Specifically, after the US President issued warnings of military threats toward Iran, investors panicked over potential Middle East supply disruptions. This led to stronger expectations of a tighter crude supply. Major Wall Street banks including Goldman Sachs, JPMorgan, and Morgan Stanley responded by raising their 2026 oil price forecasts, providing further support to the market. WTI oil broke through resistance around $62.20 and set sights on previous highs between $64.75 and $66.49, indicating robust bullish momentum amid these geopolitical concerns.

For everyday investors, this period reflects how geopolitical risks tangibly influence oil prices. The market’s sharp sensitivity to escalating US-Iran tensions has driven energy costs higher. Should the conflict escalate further, oil prices could remain elevated, impacting global fuel costs and inflation. Investors watching the market news should closely monitor geopolitical developments and related policy moves, as these are currently the key forces driving oil price volatility.

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