Oil jumps over 1%; Brent crude crosses $68

28/01/2026 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose at the close of trading on Jan. 28, supported by escalating concerns related to Iran and a decline in US crude inventories.

 

Brent crude futures for March delivery rose 1.23%, or 83 cents, to $68.40 a barrel, closing near their highest level in four months.

 

US West Texas Intermediate (WTI) crude futures for March delivery also rose, gaining 1.31%, or 82 cents, to $63.21 a barrel.

 

This increase came amid heightened geopolitical tensions after US President Donald Trump called on Tehran to reach an agreement on its nuclear program and announced the deployment of another naval fleet toward Iran.

 

Meanwhile, prices received additional support from data showing a decline in US crude oil inventories for the first time in three weeks, while gasoline and distillate stocks rose slightly.

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