Oil prices rose for a second consecutive session on Friday, January 9, 2026, with West Texas Intermediate (WTI) climbing above $58 a barrel and Brent crude nearing $62. The 3.2% rally on Thursday was the market’s largest single-day gain since October.
The surge is driven by heightened geopolitical risks. The U.S. has issued direct threats against Iran, raising the specter of Middle Eastern supply disruption. Simultaneously, the administration is actively working to redirect Venezuela’s oil exports, which historically sent ~500,000 barrels per day to China, toward American refiners.
Chevron, the only U.S. major still operating there, is currently loading Venezuelan crude at its fastest pace in 7 months.
Despite the bullish momentum, major banks signal caution. Analysts point to a looming global surplus, which could pressure prices later this year. Notably, Goldman Sachs reports its client sentiment is the most bearish it has been in 10 years.
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