Global crude oil markets are currently experiencing a period of heightened volatility, with prices for both Brent and West Texas Intermediate (WTI) benchmarks ticking upwards. As of January 13, 2026, Brent crude futures are trading around $64-$65 per barrel, while WTI is near $59-$60, marking levels not seen in several weeks or months. This recent rally is primarily attributed to escalating geopolitical tensions and concerns over potential supply disruptions. A major factor contributing to the price surge is the ongoing anti-government protests in Iran, a significant OPEC producer. US President Donald Trump's announcement of new tariffs on nations trading with Iran and his warnings of possible military action have intensified fears of Iranian oil supply disruptions, adding a substantial geopolitical risk premium to prices. Simultaneously, Venezuela, after a period of near standstill due to a US embargo and political events, has reportedly resumed oil exports, with supertankers departing carrying crude. While the resumption of Venezuelan exports could theoretically ease supply concerns, the prevailing narrative is dominated by the fear of larger disruptions, particularly from Iran. Further contributing to immediate price surges was a drone attack on a Black Sea terminal, highlighting the market's sensitivity to infrastructure security. Despite these short-term gains, the outlook for the broader year 2026 suggests potential headwinds. Several expert forecasts, including those from the EIA, Goldman Sachs, and Enverus, predict that global oil production will likely outstrip demand, leading to an eventual oversupply and lower average prices, potentially in the range of $54-$62 per barrel for Brent. This indicates that while markets are reacting to immediate geopolitical 'chaos,' the concept of oil truly 'finding its footing' in a stable, upward trajectory is an exaggeration, as underlying structural oversupply concerns persist for the medium to long term.