Oil Prices Jump 1% to $64.62 After Trump Warns of ‘Armada’ Toward Iran

On January 23, 2026, global oil prices rose sharply after new geopolitical tensions shook markets. Brent crude climbed over 1% to around $64.62 a barrel. This rise came after U.S. President Donald Trump said a U.S. naval “armada” was moving toward Iran, a major oil producer. Traders took these comments seriously. They feared the threat of conflict could disrupt oil supplies from the Middle East. Even though Trump said he hoped war could be avoided, the possibility of supply problems pushed prices up.