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A Song of Ice and Geopolitical Fire

M1/M2 rallied on Iran risk and US pressure, winter storms tightened energy and freight, exports stalled, Fed pause steadied USD
Published: January 29, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
,
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
,
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
and
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
Reviewed by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
16 page report
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The oil market hopped into its bell-bottoms this week with Brent back in the $70s, as M1 Brent futures surged from $68.65/bbl to a high of $71.75/bbl at the time of writing on 29 Jan.

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