Brent Crude Oil Prices

Brent crude oil prices averaged USD 64.59 per barrel in January, up 4.6% from December. On 30 January, the commodity traded at USD 70.73 per barrel, up 16.2% from 31 December.

After reaching the lowest level since January 2021 in December 2025, Brent prices regained some ground in January 2026. The risk of supply disruptions rose after the U.S. sent an armada to push Iran to accept a nuclear deal, compounding the hit to supply from outages in Kazakhstan and Libya and storms in the U.S. On the demand side, India reportedly agreed to stop purchasing Russian oil, likely increasing its demand for supplies from Western trading hubs, which are priced against the Brent benchmark.