Crude oil prices rose more than 2% on Thursday as President Donald Trump considered military strikes against OPEC member Iran.
American raw rose $1.56, or 2.5%, to $64.77 a barrel. World reference Brent was up $1.59, or 2.3%, to $69.99 a barrel.
Multiple sources told Reuters that Trump is considering targeted strikes against Iranian security forces and leaders to inspire anti-government protesters. The president wants to create the conditions for regime change, two American sources told Reuters.
The Islamic Republic launched a crackdown earlier this month to suppress protests, leaving thousands dead.
The oil market is monitoring whether unrest in Iran and possible military intervention by the United States could lead to a disruption in crude supplies to the region.
Trump deployed the Abraham Lincoln Carrier Strike Group in the Middle East, Iran warned on Wednesday that time was running out to reach an agreement on its nuclear program.
The president threatened Tehran with strikes larger than the attack launched by the United States last June, which targeted Iranian nuclear facilities.
“The next attack will be much worse! Don’t make it happen again,” Trump said in a Truth Social article.