WTI crude oil futures settled near $65.7 per barrel on Friday, ending January up nearly 15% and marking their first monthly gain in six months. Prices were supported by a rising geopolitical risk premium amid renewed U.S.–Iran tensions, after President Donald Trump urged Iran to engage in nuclear talks while Tehran warned of retaliation. Market focus remains on the Strait of Hormuz, a critical global energy chokepoint through which large volumes of crude oil and LNG are transported daily. Earlier support also came from geopolitical risks in Venezuela, production outages in Kazakhstan, U.S. freeze-offs, and tighter U.S. restrictions on purchases of Russian oil, helping lift prices despite expectations of oversupply later in the year. In India, domestic markets were open on Union Budget day, with MCX February crude oil futures trading over 1% higher near ₹5,995 per barrel, tracking firm global cues.
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