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Crude oil futures end higher on Tuesday

28 Jan 2026 Evaluate

Rebounding from yesterday's decline, Crude oil futures closed higher on Tuesday as U.S. naval forces have started building up near Iran while, Lebanese and Yemeni militias have pledged support to Iran, leading to the heightening of tensions. The unrest that erupted in Iran last month over the increasing cost of living turned into a violent clash between the protestors and authorities. Despite U.S. President Donald Trump warning Iran not to use violent measures to curb the uprising, Iran responded harshly. Meanwhile, the OPEC+ alliance is set to meet on February 1. The cartel earlier decided to maintain a pause on production increases for the first-quarter 2026.

Benchmark crude oil futures for March delivery rose $1.76 or 2.90% to settle at $62.39 a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased $1.98 or 3.02% to settle at $67.57 a barrel on London's Intercontinental Exchange.


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