Oil Prices Rise to Highest Level in 6 Months After Trump's Threat to Iran
Oil prices rose significantly on Friday, amid growing concerns of potential tension between the United States and Iran, after U.S. President Donald Trump set a strict deadline for Tehran to resolve its nuclear program crisis.
Brent crude futures rose by 21 cents or 0.3% to reach $71.87, while West Texas Intermediate crude saw an increase of 23 cents or 0.4% to 66.66 dollars.
These prices are the highest in six months, with Brent gaining up to 17% since the beginning of 2026.
Trump stated that "very bad things" will happen if Iran does not reach an agreement regarding its nuclear program, which Tehran claims is peaceful, while Washington views it as an attempt to develop a nuclear weapon.
The U.S. President set a deadline of ten to fifteen days to finalize the agreement, according to Reuters.
At the same time, Iran announced plans for joint naval exercises with Russia, just days after temporarily closing the Strait of Hormuz for military maneuvers.
The strait is a passage for about 20% of global oil supplies, making any military escalation in the region a key factor in driving up prices.
The market received additional support from a report by the U.S. Energy Information Administration, which showed a decrease in crude oil inventories in the United States by 9 million barrels, along with an increase in refinery utilization rates and exports.
The Joint Organizations Data Initiative also indicated a decline in Saudi oil exports to 6.988 million barrels per day in December, the lowest level since September.
Geopolitical events, along with declining inventories and supply constraints, have doubled concerns about global oil availability, driving prices up rapidly and raising market anticipation for further developments in the Middle East.
