Global oil prices rose sharply on January 23, 2026, following reports that a large US naval fleet was moving toward Iran and after recent remarks by President Donald Trump. The West Texas Intermediate crude price climbed to nearly 60 dollars per barrel, while Brent crude futures increased by about 0.9 percent to 64.61 dollars. The developments triggered investor concerns over potential military escalation in the Middle East and possible disruptions to oil supply.

In a statement, President Trump confirmed that a powerful US fleet had departed for Iran but expressed hope that it would not need to be used. He also warned Tehran against targeting protesters or resuming its nuclear program. Unnamed US officials said the aircraft carrier USS Abraham Lincoln and several guided missile destroyers could reach the region within days, with additional air defense systems under consideration to protect US bases.

Analysts attributed the price increase to geopolitical tensions and a weaker dollar. Although the International Energy Agency had forecast an oil supply surplus for 2026, Trump’s tougher stance has cast uncertainty over that outlook.