Muscat: Brent crude futures rose by 50 cents, or 0.73 per cent, to trade at $68.90 a barrel, while US West Texas Intermediate (WTI) crude slipped 58 cents, or 0.92 per cent, to $63.79 a barrel. Despite the mixed daily movement, both benchmarks have climbed around five per cent since January 26, reaching their highest levels since late January.

The upward trend comes amid escalating pressure on Iran from US President Donald Trump, including threats of potential military action and the deployment of US warships to the region. Iran is the fourth-largest producer within the Organization of the Petroleum Exporting Countries (OPEC), pumping approximately 3.2 million barrels of crude oil per day. Any disruption to its output could significantly impact global supply.

Data released by the U.S. Energy Information Administration showed that US crude stockpiles fell by 2.3 million barrels to 423.8 million barrels in the week ending January 23, defying market expectations of a build.