Oil surges 2.5% as geopolitical tensions escalate

Oil drilling rigs

Oil prices rose at the close of trading today, Jan. 13, as geopolitical tensions escalated after the US president hinted at intervention in Iranian affairs, along with his threat to take control of Greenland.

Brent crude futures for March delivery rose 2.51%, or $1.60, to $65.47 a barrel. WTI crude oil futures for February delivery jumped 2.77%, or $1.65, to $61.15 a barrel.

This came after US President Donald Trump cancelled all his meetings with Iranian officials, saying in a post on Truth Social addressing the protesters: "Keep protesting, take control of your institutions, help is coming."

Meanwhile, Reuters reported, citing informed sources, that three tankers belonging to Greek companies were attacked by unidentified drones while passing through the Black Sea, heading to load crude oil from a port on the Russian coast.

In related context, the Greenland government reiterated its rejection of Trump's calls to join the US, one day before a planned meeting between officials from America, Denmark and Greenland at the White House.