Oil prices saw an uptick on Friday, driven by geopolitical tensions surrounding U.S. President Donald Trump's looming 60-day deadline concerning military action in Iran. The market movement occurred against the backdrop of the War Powers Resolution, which dictates presidential withdrawal timelines without Congressional authorization.
Crude Oil Market Movements
Trading activity on Friday showed fluctuations across major benchmarks:
- Brent Crude: The July futures contract rose by 1.11% to reach $111.63 (as of 10:15 p.m. ET).
- WTI Crude: U.S. West Texas Intermediate futures for June gained 0.45%, settling at $105.54.
- Previous Activity: The June Brent contract, which expired Thursday, had previously climbed to $126.41 per barrel before settling at $114.01.
Geopolitical Context: Iran and the War Powers Resolution
The recent price movements are linked to the political situation involving the United States and Iran. Specifically, President Donald Trump faces a 60-day deadline governed by the War Powers Resolution regarding military operations in Iran.
This legal framework, established by a 1973 law, mandates that a president must withdraw deployed troops within 60 days of notifying Congress of the deployment, unless Congress explicitly authorizes the continued military action. As of the reporting, Congress has not provided such authorization.
Activity in the Strait of Hormuz
Separately, maritime activity was noted in the region. On April 28, 2026, the oil tanker Ateela 2 was observed navigating the Strait of Hormuz, near Qeshm Island, Iran.
