President Donald Trump mentioned on Friday that he is contemplating limited military actions to exert pressure on Iran regarding its nuclear initiatives.
“I suppose I can indicate that I am contemplating that,” Trump remarked when questioned by a journalist at a breakfast event at the White House with U.S. governors.
Trump stated on Thursday that a decision would be forthcoming in the next 10 to 15 days about whether to strike the Islamic Republic. He has kept the door open for the possibility of reaching an agreement with Tehran regarding its nuclear ambitions.
Previously, Trump has indicated that a strike on Iran would be “much worse” than the restricted actions taken by the U.S. in June against its nuclear sites.
Oil prices remained steady on Friday after a surge of over 5% this week as traders account for the potential risk of imminent U.S. military engagement. U.S. crude oil decreased by 4 cents, closing at $66.39 per barrel. The global benchmark Brent increased by 10 cents, settling at $71.76 per barrel.
A significant U.S. military presence is building up in the Middle East, with the USS Abraham Lincoln aircraft carrier now in the area. A second carrier, the USS Gerald Ford, is on its way.
The oil market’s main concern is that a confrontation between the U.S. and Iran could result in a prolonged interruption of oil shipments through the Strait of Hormuz.
The strait is a crucial chokepoint for the global oil market. In 2025, over 14 million barrels per day of oil and condensates passed through this narrow passage, according to data from consulting company Kpler, noting that this volume represents a third of all seaborne oil exports globally.
About 75% of the oil flowing through the strait is sent to China, India, Japan, and South Korea, according to Kpler.
