NEW YORK: Oil prices rose to their highest in more than a week on Friday after US President Donald Trump ratcheted up pressure against Iran through more sanctions on vessels that transport its oil, and announced an “armada” was heading towards the Middle Eastern nation.
Brent crude futures rose $1.93, or 3 per cent, to $65.99 a barrel by 1:17 p.m. EST (1817 GMT). US West Texas Intermediate crude was up $1.80, or also 3pc, at $61.16.
Both benchmarks were at their highest since January 14 and set for weekly gains of over 2.5pc.
Trump’s statements renewed warnings to Tehran against killing protesters or restarting its nuclear programme. The escalating pressure has caused concerns of oil supply disruptions in the Middle East. Kazakhstan has been struggling to resume output from one of the world’s largest oilfields.
Warships, including an aircraft carrier and guided-missile destroyers, will arrive in the Middle East in the coming days, a US official said. The United States conducted strikes on Iran last June.
The US on Friday also imposed sanctions on nine vessels and eight related firms involved in transporting Iranian oil and petroleum products, the US Treasury said in a statement.
At about 3.2m barrels per day according to Opec figures, Iran is Opec’s fourth-biggest crude oil producer behind Saudi Arabia, Iraq and the United Arab Emirates.
Chevron said oil output at Kazakhstan’s Tengiz oilfield has yet to resume after Chevron-led operator Tengizchevroil announced a shutdown on Monday following a fire.
Published in Dawn, January 24th, 2026