Oil prices hit six-month highs after Trump warns Iran of 'bad things' if there's no deal

Oil Prices Hit Six-Month Highs

US President Donald Trump has given Iran '10 to 15' days to make a meaningful deal over its nuclear program — or 'really bad things' will happen. Oil prices held at six-month highs on Friday morning as energy market participants continue to closely monitor heightened geopolitical tensions.

Strategists Weigh In

Strategists at Barclays said 'if conflict is imminent it is likely to be short lived, in our view.' The Trump administration continues to hope for a diplomatic resolution, with White House press secretary Karoline Leavitt stating that making a deal would be 'very wise' for Iran.

Market Impact

International benchmark Brent crude futures traded 0.2% lower at $71.53 per barrel, while U.S. West Texas Intermediate futures stood 0.2% lower at $66.30. Both contracts notched their highest settle in six months.

Military Actions and Diplomacy

Trump emphasized that the world will likely find out over the next 10 days whether the U.S. will reach a deal with Iran or take military action. His comments come after a significant buildup of U.S. military forces in the Middle East.

Russia-Iran Naval Drills

Iran has conducted military drills in the Strait of Hormuz and joint naval drills with Russia in the Gulf of Oman, further heightening tensions in the region.