Global crude oil prices have been on an upward trajectory, extending gains for a fifth consecutive session and reaching two-month highs by January 14, 2026, primarily driven by concerns over potential supply disruptions from Iran. Brent crude futures were trading around $64 per barrel, and U.S. West Texas Intermediate (WTI) climbed towards $60, bolstered by a significant geopolitical risk premium. The heightened market nervousness stems from intensifying anti-government protests across Iran, which have reportedly resulted in hundreds of deaths and thousands of arrests. This internal unrest has led to calls for workers in the oil industry to halt operations, further exacerbating fears of an interruption to Iran's substantial oil exports. Analysts estimate that this instability has added approximately $3 to $4 per barrel in geopolitical risk premium to crude prices. Adding to the volatility, US President Donald Trump has escalated his rhetoric, urging Iranian protestors to continue demonstrations and indicating potential US intervention, stating that "help is on its way." Trump also announced an immediate 25% tariff on goods from any country doing business with Iran, raising further concerns about the future of Iranian oil exports, particularly to major importers like China. Experts suggest that the situation could jeopardize at least 1.9 million barrels per day of Iranian oil exports. While expectations of increased crude supply from Venezuela, following a leadership change and potential return of up to 50 million barrels of sanctioned oil to the market, could act as a tempering factor, the ongoing geopolitical risks centered on Iran are currently outweighing these prospective supply increases. The situation highlights the critical role of Middle Eastern stability in global energy markets.