WTI Crosses $61 as Trump Urges More Protests in Iran


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Crude futures reached 10-week highs Tuesday (1/13) as 
U.S. President Donald Trump urged Iranians to continue protesting the regime in 
Tehran, adding to market concerns about supply from OPEC's fourth-largest 
producer.

   Oil prices had already been on a tear from the start of the session after 
Trump, in a social media post late on Monday (1/12), threated to impose tariffs 
on any country that did business with Iran. He followed that up with a call on 
Tuesday for Iranians to heighten their protests and "take over" institutions in 
the Islamic republic.

   "I have cancelled all meetings with Iranian Officials until the senseless 
killing of protesters STOPS. HELP IS ON ITS WAY," Trump wrote on his Truth 
Social media site. Trump indicated that his prior offer to negotiate a 
diplomatic outcome for Iran had passed, with deaths of thousands of people 
reported by human rights groups there, and that the U.S. might see through with 
its threat to launch air strikes. Iran, on its part, said it was ready for war 
with the U.S.

   As OPEC's fourth largest producer with an output of 3.2 million bpd, Iran 
has limited customers for its oil due to U.S. sanctions imposed since Trump's 
first presidency in 2018.  China is its largest buyer, reportedly acquiring 
than 80% of Iranian crude exports last year.

   Crude prices fell almost 20% last year but rebounded strongly since the 
start of 2026, despite a global glut of 3.8 million bpd warned by the 
International Energy Agency. The rally came on the back of the developments in 
Iran and Venezuela -- another OPEC member whose production of between 800,000 
bpd and one million bpd has come under U.S. control.

    "We might be at an equilibrium now on supply concerns, with the Iranian 
production at stake making up more than 80% of the projected glut for this 
year," observed John Kilduff, partner at New York energy hedge fund Again 
Capital. According to reports on Monday, oil industry workers were among those 
who had joined nationwide strikes in Tehran.

   U.S. inflation data released on Tuesday had little impact on the market, 
with the Bureau of Labor Statistics reporting a 2.7% year-on-year growth in 
December Consumer Price Index  -- unchanged from November.

   NYMEX WTI for February delivery settled up by $1.65, or 2.8%, at $61.15 bbl 
after a 10-week high at $ 61.50.

   The March ICE Brent futures contract closed up $1.60, or 2.5%, at $65.47 
after rallying to $65.92.

   Among refined products, the front-month ULSD futures climbed by $0.0812 to 
$2.2356 gallon. Front-month RBOB advanced by $0.0329 to reach $1.8549 gallon.

   The U.S. Dollar Index rose by 0.299 points to 98.93 against a currency 
basket.

    




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