Oil prices remained stable on Friday after US President Donald Trump said he was considering a limited military strike against Iran over its nuclear programme.
Speaking to reporters, Trump said he was weighing military action if talks with Tehran fail. He added that a decision could come within the next 10 to 15 days.
International benchmark Brent crude rose slightly to settle near $71.76 per barrel. US West Texas Intermediate (WTI) crude closed around $66.39 per barrel. Both contracts had reached six-month highs in the previous session.
The United States and Iran have held discussions in Switzerland this week. Early signs of progress were later overshadowed by claims from Washington that Iran had not addressed key demands.
Trump said “bad things will happen” if Iran does not agree to a deal. He also stated that Iran’s nuclear capacity had already been significantly damaged by US strikes last year but said further action remains possible.
Iran responded by warning it would react strongly to any military aggression. The country has recently conducted military drills in the Strait of Hormuz and held joint naval exercises with Russia in the Gulf of Oman.
Market analysts said oil prices are being supported by concerns over supply risks in the Middle East. However, some strategists believe any potential strike would likely be short-lived due to political and economic pressures in the US.
Experts noted that the global oil market remains well supplied, but tensions in Iran are currently the main factor influencing prices.
Investors are now closely watching diplomatic developments and any signals of further military action.
