Trump Gives Iran 10-Day Deadline, Oil Prices Rise

President Donald Trump said Thursday that he will decide whether to launch military strikes against Iran in the next 10 days.

“So now we may have to take it a step further, or we may not,” Trump said at the inaugural meeting of his Board of Peace. “Maybe we’re going to make a deal. You’re going to be finding out over the next probably 10 days.”

U.S. crude oil prices rose US$1.24, or 1.9%, to close at US$66.43 per barrel. Global benchmark Brent gained US$1.31, or 1.86%, to settle at US$71.66.

“It’s proven to be over the years not easy to make a meaningful deal with Iran,” the president said. “We have to make a meaningful deal, otherwise bad things happen.”

Oil prices have been moving higher this week on fears a U.S. attack on Iran is imminent. WTI is up more than 5% this week and nearly 16% so far this year.

U.S. envoys Steve Witkoff and Jared Kushner held talks with Iran on its nuclear program in Geneva this week. Vice President JD Vance said Tuesday that Iran did not address red lines set by Trump during the talks.

A major U.S. military buildup is underway in the Middle East. The USS Abraham Lincoln aircraft carrier is currently in the region. A second aircraft carrier, the USS Gerald Ford, is en route.

White House Press Secretary Karoline Leavitt said Wednesday that are “many reasons and arguments that one could make for a strike against Iran.” She said some progress was made during the talks in Geneva, but Iran and the U.S. are “still very far apart on some issues.”

Iran’s Revolutionary Guard held military exercises in the Strait of Hormuz this week. The strait is a key chokepoint for the global oil trade.

Oil traders are worried that a war between the U.S. and Iran could disrupt crude flows through the strait. - CNBC