Oil Prices Whipsaw as Iran Tensions Flare and Fade

OilPrice · Editorial Dept · last updated January 16, 2026 – 5:41 AM

Light crude oil futures posted one of their most volatile weeks in months, swinging nearly $4 from a low of $58.45 to a high of $62.36 before settling at $59.17 on Thursday evening—up just $0.05 or +0.08% for the week. The dramatic price action was driven primarily by escalating and then rapidly diminishing geopolitical tensions surrounding Iran, compounded by the resumption of Venezuelan oil exports. Iran Takes Center Stage as Primary Market Driver The week’s dominant narrative centered on Iran, where massive protests and a violent government…

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