Oil prices climb on Iran strike fears as OPEC flags steady demand growth into 2027
Benchmark Brent crude traded around $66 a barrel on Wednesday, up roughly 10% since Jan. 7 to its highest level since October 2025.
Oil prices extended their rally on Jan. 14, rising for a fifth consecutive session amid fears of unrest in Iran and potential US military action, which has revived concerns over supply disruptions from one of the world’s most critical energy-producing regions.
International benchmark Brent crude traded at $66.34 a barrel on Wednesday as of 12:33 p.m. EST, up roughly 10% since Jan. 7 to its highest level since October 2025.
This turmoil comes as the Organization of the Petroleum Exporting Countries said that it expects world oil demand to grow steadily in 2027 in its closely watched monthly oil market report published on Jan. 14.
Details: Markets have been rattled by mounting concerns that the United States could take military action against Iran, raising the risk that Tehran could target US interests in the region in retaliation and potentially disrupt oil flows.
