WTI crude oil traded around $66 per barrel on Friday, holding near a six-month high and on track for a weekly gain of about 5%. The advance came after President Donald Trump set a firm deadline for Iran to reach a nuclear agreement, indicating that talks would likely have no more than 10 to 15 days to make progress.
At the same time, the United States has mounted its largest military buildup in the Middle East since the 2003 Iraq invasion, raising the possibility of a broader and more sustained campaign than last June’s overnight strike on Iran’s nuclear facilities. This escalation has intensified fears of supply disruptions, with investors worried that a potential US–Iran conflict could lead Iran to curb traffic through the Strait of Hormuz, a vital conduit for crude exports from the region.
Further supporting prices, government data showed US crude inventories dropped by 9 million barrels last week, the sharpest decline since early September, adding to the market’s bullish momentum.
