Brent crude surpasses $64 per barrel

13/01/2026 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose today, Jan. 13, with a geopolitical risk premium increasing amid the turmoil in Iran coinciding with Russian forces launching attacks on Ukraine's two largest cities.

 

Brent crude was trading up 0.4% at $64.14 a barrel, at 09:00 am Makkah time. West Texas Intermediate (WTI) rose 0.4% to $59.99 a barrel.

 

US President Donald Trump is expected to meet with his top advisers today to discuss options regarding Tehran, after he announced on Jan. 12 that any country doing business with Iran will be subject to a 25% tariff on any trade with the US.

 

Barclays Bank explained in a recent research note to its clients that these disruptions have added between $3 and $4 per barrel as a "geopolitical risk premium" to oil prices, Reuters reported.

 

The American Petroleum Institute's report on US oil inventories is due later today, ahead of the official data release from the US Energy Information Administration on Jan. 14.

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