Oil prices rose on Friday after U.S. President Donald Trump renewed his threats against Iran, a major oil producer in the Middle East, sparking fears of military action that could disrupt supplies.
By 10:30 Algeria time, Brent crude futures for March delivery rose by 1.05% to $64.73 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by 1.11% to $60.02 per barrel. Both benchmarks had fallen by about 2% on Thursday.
Prices increased after Trump told reporters aboard Air Force One that the United States has a “war fleet” heading toward Iran, though he hoped he would not have to use it. He also renewed his warnings to Tehran against killing protesters or resuming its nuclear program.
Both benchmarks are on track for weekly gains of about 0.6% after prices rose earlier in the week following Trump’s threats to invade Greenland.
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