NEW YORK: Oil rose to a fresh four-month high after US President Donald Trump threatened another attack on Iran, urging Tehran to negotiate a nuclear deal. The potential risk to Iranian supplies has injected a premium into oil prices and led futures to start the year on a strong footing, up more than 10% this month, despite forecasts for a glut. West Texas Intermediate futures settled above US$63 a barrel after Trump’s post, the highest level since the end of September, extending a 2.9% jump in the previous session. The uptick in the dollar made commodities priced in the currency less attractive. That bullish data point was offset by increases in refined product stockpiles, with gasoline rising to the highest since 2020.

Source: The Star January 29, 2026 02:35 UTC