PATTAYA, Thailand – Oil prices surged about 3% to their highest level in five months on Friday (Jan 30), driven by concerns over potential supply disruptions amid rising tensions between the United States and Iran. U.S. stock markets closed mixed as investors weighed a fresh round of corporate earnings, while gold prices fell sharply on profit-taking after hitting record highs.
West Texas Intermediate (WTI) crude for March delivery jumped $2.21 to settle at $65.43 a barrel. Brent North Sea crude for March delivery rose $2.31 to close at $70.71 a barrel.
U.S. President Donald Trump is reportedly weighing a range of options to deal with Iran, including targeted strikes against security forces and senior leaders in an effort to encourage internal unrest. However, Israeli and Arab officials have cautioned that air power alone would be unlikely to topple Tehran’s religious leadership.
Iran is the third-largest oil producer in OPEC, behind only Saudi Arabia and Iraq in 2025, according to the U.S. Energy Information Administration. Any U.S. military action against Iran could significantly disrupt global energy supplies, fueling market volatility.
On Wall Street, stocks finished mixed as investors digested earnings reports and questioned whether massive investments in artificial intelligence would deliver sufficient returns for major technology companies.
The Dow Jones Industrial Average rose 55.96 points, or 0.11%, to 49,071.56. The S&P 500 slipped 9.02 points, or 0.13%, to 6,969.01, while the Nasdaq Composite fell 172.33 points, or 0.72%, to 23,685.12.
Microsoft shares declined sharply after the software giant posted underwhelming cloud revenue results, intensifying concerns that its heavy investment in partner OpenAI may take longer than expected to generate meaningful returns. The stock’s drop weighed on the S&P 500, with other software stocks also sliding amid earnings that fell short of market expectations.
Gold prices retreated sharply on Friday as investors locked in profits after the precious metal repeatedly hit record highs in recent sessions, supported by economic uncertainty and geopolitical tensions. U.S. gold futures for February delivery fell 0.3% to settle at $5,318.40 an ounce.
