Oil hovers near six-month high as investors track US-Iran tensions

January 31, 2026

Oil prices held near six-month highs Friday, nudged by lingering U.S.-Iran tensions, though gains paused amid prospects of dialogue and a potential ceasefire. While U.S. sanctions were issued, a stronger dollar and rising crude output also pressured prices. Analysts anticipate prices to hover around $60 this year, balancing oversupply fears with geopolitical risks.

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