Oil edged up on Friday as U.S. President Trump’s comments about U.S. naval movements toward Iran reignited concerns over potential conflict escalation and supply disruptions in global markets.
Benchmark Brent crude futures rose a little over 1 percent to $64.71 a barrel and were set for a modest weekly gain. WTI crude futures were up 1 percent at $59.96.
Both contracts fell around 2 percent on Thursday to reach a one-week low amid hopes for a Ukraine peace settlement and persistent global oversupply concerns.
Iran tensions returned to the fore after U.S. President Donald Trump said a U.S. naval “armada” was heading toward the Gulf and that the U.S. is closely watching protests, military signals, and rising tensions in the Middle East.
China called for dialogue and said it hopes all parties will cherish peace, exercise restraint, and resolve differences through dialogue.
Elsewhere, representatives of the Unites States, Russia and Ukraine are meeting in Dhabi today and tomorrow for unprecedented talks since war began in February 2022.
Ukraine President Volodymyr Zelensky said the trilateral talks taking place in the UAE will focus on the status of Ukraine’s eastern Donbas region.
“The Donbas issue is key. It will be discussed as will be the modality of how the three sides see it,” he told journalists via a voice message.
Oil Edges Up After Trump Says ‘big Force’ Heading Toward Iran
2026-01-23 09:22:09
