Brent Crude Oil Price, January 2026
Brent crude averaged $66.60 per barrel in January 2026 and WTI averaged $60.04, according to EIA spot data. Brent traded between $61.08 on 7 January and $72.25 on 30 January, ending the month up 17.8% as unrest in Iran and the threat of US military action added a risk premium to a market that had started the year oversupplied.
| Benchmark | Average | High | Low | First close | Last close | Change vs prior month-end |
|---|---|---|---|---|---|---|
| Brent (Europe spot FOB) | $66.60 | $72.25 (30 January) | $61.08 (7 January) | $61.98 (2 January) | $72.25 (30 January) | +17.8% |
| WTI (Cushing spot) | $60.04 | $64.77 (29 January) | $56.01 (7 January) | $57.21 (2 January) | $64.50 (30 January) | +12.6% |
Source: U.S. Energy Information Administration (EIA), Europe Brent Spot Price FOB and Cushing, OK WTI Spot Price FOB, daily series (release of 7 October 2026), mirrored by FRED as DCOILBRENTEU and DCOILWTICO. Averages are simple means of the trading days with a price.
Prices here are EIA spot assessments. Brent spot is the physical North Sea price (see Dated Brent) and normally sits within a dollar or two of the front-month ICE Brent futures quoted in headlines, as it did in this month.
January 2026 in numbers
Brent began 2026 at $61.98 on 2 January, close to the lowest levels since 2021. The EIA notes that front-month Brent futures also started the year near $61/b. Brent spot then climbed in two steps: from about $61 to $69 in the second week, and from about $65 to $72 in the last week of the month. The intramonth range was $11.17 for Brent and $8.76 for WTI. The Brent-WTI spread averaged about $6.57, within its normal range. For context, Brent averaged about $69 in 2025 and $62.54 in December 2025 (EIA). The full year is covered on the 2025 oil price history page.
What moved oil in January 2026
- 3–5 January: US operation in Venezuela. US forces captured Venezuelan president Nicolás Maduro on 3 January. Markets shrugged it off: Brent futures dipped about 1% early on 5 January, then settled up 1.7% at $61.76 (Reuters), as traders judged that Venezuela's roughly 1 million b/d of output was not at immediate risk and might rise in time.
- 9–14 January: protests in Iran. Iran's largest anti-government protests in years raised the risk of a US strike. Brent spot rose from $61.08 on 7 January to $68.87 on 14 January.
- 15 January: risk premium fades. President Trump said Tehran's crackdown on protesters was easing, which reduced fears of military action. Oil fell by more than 4%, and Brent spot dropped to $66.16.
- 27–30 January: renewed strike fears. Reports of possible US military action against Iran lifted Brent futures to a four-month intraday high near $70.35 on 29 January (Reuters). Brent spot closed the month at its high of $72.25 on 30 January.
Why January mattered for the rest of 2026
January set the pattern for the year: prices reacted to the risk of conflict with Iran rather than to oversupply. The 2025 surplus was still in place, but each escalation around Iran added several dollars to the price, which disappeared when tensions eased. For the mechanics behind these moves see what moves oil prices, and for today's level the live Brent crude oil price.
Daily Brent and WTI prices, January 2026
| Date | Brent | Brent daily change | WTI | Brent minus WTI |
|---|---|---|---|---|
| Fri 2 January | $61.98 | +0.63 | $57.21 | +4.77 |
| Mon 5 January | $63.00 | +1.02 | $58.10 | +4.90 |
| Tue 6 January | $62.10 | −0.90 | $56.97 | +5.13 |
| Wed 7 January | $61.08 | −1.02 | $56.01 | +5.07 |
| Thu 8 January | $63.34 | +2.26 | $57.74 | +5.60 |
| Fri 9 January | $65.11 | +1.77 | $58.96 | +6.15 |
| Mon 12 January | $65.40 | +0.29 | $59.39 | +6.01 |
| Tue 13 January | $67.58 | +2.18 | $60.85 | +6.73 |
| Wed 14 January | $68.87 | +1.29 | $61.84 | +7.03 |
| Thu 15 January | $66.16 | −2.71 | $59.13 | +7.03 |
| Fri 16 January | $66.97 | +0.81 | $59.40 | +7.57 |
| Mon 19 January | $66.91 | −0.06 | n/a | – |
| Tue 20 January | $67.68 | +0.77 | $60.30 | +7.38 |
| Wed 21 January | $66.72 | −0.96 | $60.38 | +6.34 |
| Thu 22 January | $65.46 | −1.26 | $59.24 | +6.22 |
| Fri 23 January | $68.16 | +2.70 | $60.70 | +7.46 |
| Mon 26 January | $67.70 | −0.46 | $60.46 | +7.24 |
| Tue 27 January | $70.28 | +2.58 | $62.04 | +8.24 |
| Wed 28 January | $70.90 | +0.62 | $62.75 | +8.15 |
| Thu 29 January | $71.00 | +0.10 | $64.77 | +6.23 |
| Fri 30 January | $72.25 | +1.25 | $64.50 | +7.75 |
Source: U.S. Energy Information Administration (EIA), Europe Brent Spot Price FOB and Cushing, OK WTI Spot Price FOB, daily series (release of 7 October 2026), mirrored by FRED as DCOILBRENTEU and DCOILWTICO. Averages are simple means of the trading days with a price.
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Monthly averages for every month of 2026 in one table.
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Brent and WTI averages, highs, lows and drivers for February.
January 2026 oil price FAQ
What was the average Brent price in January 2026?
Brent crude averaged $66.60 per barrel in January 2026, based on 21 daily EIA spot prices. WTI averaged $60.04. Both were up from December 2025, when Brent averaged $62.54, as tensions over Iran added a risk premium in the second half of the month.
What was the highest Brent price in January 2026?
Brent spot peaked at $72.25 per barrel on 30 January 2026, the last trading day of the month, according to EIA data. WTI peaked at $64.77 on 29 January 2026. Fears of a US strike on Iran drove the late-month rally, adding about $11 to Brent spot from its 7 January low.
What was the lowest oil price in January 2026?
The low for both benchmarks came on 7 January 2026: Brent spot closed at $61.08 and WTI at $56.01 per barrel (EIA). Prices then rose as protests in Iran raised the risk of US military action, and Brent ended January about 18% higher.
Did the capture of Maduro raise oil prices?
Only briefly and only slightly. Brent futures dipped about 1% in early trading on 5 January 2026, then settled up 1.7% at $61.76, according to Reuters. Traders judged that Venezuelan output of roughly 1 million barrels per day was not at immediate risk.
Related pages
2026
Brent and WTI crude oil prices in 2026 month by month, with averages, highs and lows and the events driving oil this year, updated monthly.
Brent Crude Oil Price
Current Brent crude oil price live in USD per barrel, with a real-time chart, ICE Brent contract facts and what is driving today's move.
WTI Crude Oil Price
Current WTI crude oil price live in USD per barrel, with a real-time chart, NYMEX contract facts, Cushing delivery and key US drivers.
Brent vs WTI
Brent vs WTI compared: live prices, why Brent trades at a premium, quality and delivery differences, and how the spread has moved since 2010.