Crude oil prices rose by more than 1.5% in midday European trading on Tuesday, January 13, marking their fourth consecutive session of gains and reaching their highest levels since November. This surge was fueled by escalating geopolitical tensions and supply disruptions, while markets awaited preliminary inventory figures from the American Petroleum Institute later in the day. US crude (WTI) climbed approximately 1.60% to trade at $59.58 per barrel, while Brent crude traded at $63.34 per barrel, up about 1.43%.

The US escalation of its conflict with Iran also supported crude prices. US President Donald Trump announced he would impose additional tariffs of 25% on goods from all countries that trade with Iran, coinciding with the largest anti-government protests in Tehran in years. This move eased concerns about a supply glut and further supported the rise in crude prices.

In a related development, the disruption of Kazakh oil exports contributed significantly to these increases after two ships near the Caspian Pipeline Consortium (CPC) terminal were attacked, in addition to bad weather conditions and a reduction in shipments to almost half by about 900,000 barrels per day.