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WTI rose more than 2% to about $60.8 per barrel on January 23, extending a fifth weekly gain on Iran and Kazakh supply concerns. The IEA projected a deep first-quarter 2026 surplus of 4.25 million bpd, while the dollar slid toward its worst week in seven months.
Tengiz output had not yet resumed after a shutdown.
Supply outages support crude, but a large projected surplus caps gains, so energy input costs for feed producers are likely to stay moderate. A weaker dollar also supports crude demand from non-US buyers.
thenationonlineng.netMuyiwa LucasJan 26, 2026After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 33 past bearish geopolitics events, US Dollar (Broad) moved a median -0.6% over 5 sessions (33% higher; middle half -1.5% to +0.2%), and -0.8% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
