Global oil prices surged amid Trump's geopolitical pressure on Iran and Cuba
Kyiv • UNN
Global oil prices rose after Trump's statement on Iran and the energy blockade of Cuba. Brent is trading above $70 per barrel, WTI – around $65.30.
Benchmark oil prices showed strong growth in trading on Friday, January 30, reacting to the strengthening of Washington's sanctions rhetoric. Brent quotes rose above the $70 per barrel mark after Donald Trump's ultimatum to Iran and the declaration of a state of emergency, which provides for an energy blockade of Cuba. This is reported by Bloomberg, writes UNN.
Details
The main market driver was the statement by the US President, in which he called on Tehran for an immediate nuclear deal under the threat of military strikes. Additional tension was created by the decree on the introduction of duties against any countries supplying oil to Cuba. Bloomberg analysts note that investors are pricing in the risks of a sudden interruption of supplies from the Middle East and the further isolation of Venezuelan crude from Caracas' allies.
The market is in anticipation of the next steps of the Trump administration, which creates a significant risk premium
As of the morning of January 30, Brent is trading at about $70.70, and American WTI has risen to $65.30, despite forecasts of a possible oversupply in the long term.
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The price dynamics are also affected by internal problems in the US, where production is still reduced by about 600,000 barrels per day due to the consequences of winter storms.
At the same time, the OPEC+ group confirmed its intention to maintain current production restrictions throughout February and March 2026, which restrains pressure from growing inventories. However, the International Energy Agency warns that without further escalation of conflicts, the market may face a surplus due to the active build-up of production in Brazil and Guyana.