NASDAQ:GPOR News 5 January 2026

January 29, 2026, 5:37 PM EST. Crude oil prices surged to a 4.25-month high, closing up 3.5%, while gasoline reached a 2-month high amid escalating geopolitical tensions. President Trump threatened military action on Iran over nuclear deal talks, raising fears of supply disruptions, especially at the strategic Strait of Hormuz. Weakening of the U.S. dollar also supported energy prices. The Russia-Ukraine conflict dampened hopes for peace, sustaining restrictions on Russian crude exports, a bullish factor for oil. The IEA cut its 2026 global crude surplus forecast slightly, while the EIA revised U.S. production higher but lowered energy consumption expectations. OPEC+ plans to pause production hikes in Q1 2026 to address the global oil surplus. Ukrainian attacks on Russian refineries continue to reduce global supply, further underpinning prices.