President Donald Trump said Thursday that he will decide whether to launch a military strike against Iran within the next 10 days.
“So now we may or may not need to take another step forward,” Trump said at the peace commission’s first meeting. “Maybe we can come to an agreement. We’ll probably know within the next 10 days.”
usa crude oil Crude oil prices rose $1.24, or 1.9%, to close at $66.43 per barrel. global benchmark brent It rose $1.31 (1.86%) to settle at $71.66.
“Over the years, it has been proven that it is not easy to reach a meaningful agreement with Iran,” the president said. “We have to make a meaningful deal or bad things will happen.”
Oil prices have been rising this week on concerns that a U.S. attack on Iran is imminent. WTI is up more than 5% this week and is up nearly 16% year-to-date.
U.S. special envoys Steve Witkoff and Jared Kushner met in Geneva this week about Iran’s nuclear program. Vice President J.D. Vance said Tuesday that Iran did not mention red lines set by President Trump during the meeting.
A major American military buildup is underway in the Middle East. The aircraft carrier USS Abraham Lincoln is currently in the area. A second aircraft carrier, the USS Gerald Ford, is underway.
White House press secretary Caroline Levitt said Wednesday that these are “many of the reasons and arguments for the attack against Iran.” He said that although some progress had been made during the Geneva talks, Iran and the United States “remain far apart on some issues.”
Iran’s Revolutionary Guards held military exercises in the Strait of Hormuz this week. The strait is an important barrier for global oil trade.
Oil traders fear a war between the United States and Iran could disrupt the flow of crude oil through the strait.
