Iran Concerns, Weak Dollar Lift Brent Crude to $68 Per Barrel

By Adedapo Adesanya

The Brent crude grade gained 1.23 per cent or 83 cents to trade at $68.40 per barrel on Wednesday amid looming Iran concerns, supported by a weak US Dollar.

In the same vein, the US West Texas Intermediate (WTI) crude appreciated by 82 cents or 1.31 per cent to trade at $63.21 per barrel.

US President Donald Trump urged Iran on Wednesday to come to the table and make a deal on ‌nuclear weapons or the next US attack would be far worse, but Tehran said that if ​that happened it would fight back as never before.

“A massive Armada is heading to Iran. It is moving quickly, with great power, enthusiasm, and purpose,” President Trump said in a post on his social media platform Truth Social on Wednesday.

US Central Command said Monday that the Abraham Lincoln Carrier Strike Group had arrived in the Middle East “to promote regional security and stability.”

The American President had threatened to attack Iran if it killed protestors during a mass uprising earlier this month. Thousands of people died after the Islamic Republic cracked down on the unrest. But the U.S. president has held back from military intervention so far.

He also warned Iran that a possible attack would be worse than the bombing campaign he ordered last June on the Islamic Republic’s nuclear facilities.

A weak US Dollar kept the prices elevated as it neared four-year lows against a basket of other currencies, making ‍dollar-denominated commodities such as oil cheaper for those holding other currencies.

Meanwhile, in its first monetary policy decision of 2026, the Federal Reserve elected to hold the federal funds rate steady at 3.50 per cent–3.75 per cent, pausing further cuts after three reductions late last year.

The decision, made at the January 27–28 Federal Open Market Committee meeting, reflects a cautious stance amid mixed economic signals and persistent inflation above target.

The FOMC statement shows that while economic activity “has been expanding at a solid moderate pace,” job gains have slowed and the unemployment rate has only “shown some signs of stabilization,” leading policymakers to resist further easing for now.

Negotiations between Russia, Ukraine and the US are set to resume in Abu Dhabi, the United Arab Emirates (UAE) on February 1.

Crude oil inventories in the US decreased by 2.3 million barrels during the week ending January 24, according to new data from the US Energy Information Administration (EIA) released on Wednesday. The EIA’s data release follows figures by the American Petroleum Institute (API) that were released a day earlier, which suggested that crude oil inventories fell by 247,000 barrels.