Oil Prices Near $71 as Trump Threatens Iran; Venezuela Privatizes Oil to Lure US Investment

It’s Friday afternoon, January 30, 2026, and if you’ve been watching the fuel pump with a sense of dread, the Middle East just dialed the tension up to eleven. Oil prices are wrapping up their biggest monthly gain in years, fueled by a “deal or strike” ultimatum from the White House to Tehran.

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The thing is, we’re looking at Brent crude hovering around 70.50, and while it dipped a few cents today, the “risk premium” is baked in. Or nothing.

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The Oil & Geopolitics Heatmap: Field Notes

It’s an ongoing situation where the global energy map is being redrawn in real-time. Here’s the ground reality from the front lines:

• The Trump Ultimatum: On Wednesday, President Trump essentially told Iran to sign a new nuclear deal immediately or face a “speedy and violent” military response. Those too. Tehran fired back today, threatening to strike US bases and aircraft carriers instantly. Let’s be real—the market is terrified of the Strait of Hormuz closing, which handles 20 million barrels a day.

• The Venezuela “Pivot”: While one door closes in Iran, another is being kicked open in South America. Just yesterday (Jan 29), Venezuela’s new interim government—backed by Washington after the ouster of Maduro earlier this month—voted to privatize its oil sector. The US Treasury immediately eased sanctions, letting American majors like Exxon and Chevron back in. The goal? Flood the market with Venezuelan crude to offset the Iran risk. And here’s the kicker—it’ll take years to fix those broken wells. Or nothing.

• Kazakhstan’s Fires: It’s not just war; it’s bad luck. The massive Tengiz oilfield is still limping after three “unexplained” fires this month. They’re restarting in stages, but they’re still down over 700,000 barrels a day.

• The “Arctic Wave”: Back in the US, a brutal winter storm has knocked out about 340,000 barrels of production. Between the frozen pipes in Texas and the threats in the Persian Gulf, supply is tighter than a drum. Those too.

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January 2026 Energy Dashboard

And Here’s the Kicker…

JPMorgan analysts are whispering that Trump might avoid hitting Iran’s actual oil rigs because he doesn’t want gas prices to explode before the US Mid-term elections later this year. The thing is, even a “targeted” strike could trigger an Iranian response that shuts the whole Gulf down. It’s an ongoing situation.

One side comment—the Rupee hit 91.90 today, and with oil at $70+, India’s import bill is about to get very ugly. Expect the government to lean hard into that “Swadeshi” energy strategy they mentioned in the Economic Survey yesterday. Those too. Or nothing.

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End..

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