Oil rises as Trump faces crucial 60-day deadline for Iran war
US Marine Corps soldiers are seen performing outside the Federal Building in downtown Los Angeles during the ‘No War on Iran’ protest after clashes broke out with Iran and Israel on June 19, 2025 in Los Angeles, United States.
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Oil prices rose on Friday, a day after a volatile session. June Brent crude contract It reached a four-year high before pulling back.
The June contract expiring on Thursday settled at $114.01 per barrel after climbing to $126.41.
On Friday, the July Brent futures contract rose 1.11% to $111.63 as of 10:15 PM ET, while the U.S. West Texas Intermediate June futures contracts rose 0.45% to $105.54.
The moves come as US President Donald Trump faces a 60-day deadline under the law. War Powers Resolution It’s about military action in the Iran war.
Under 1973 lawUnless lawmakers authorize military action, a president must withdraw his troops within 60 days of notifying Congress of the deployment. Congress did not do this.
A senior White House official said On Friday, Reuters reported that the ceasefire reached three weeks ago “ended” hostilities between the two sides in the face of a looming deadline.
“The hostilities that started on Saturday, February 28 for the purpose of the War Powers Resolution have ended,” the official said, according to Reuters.
The United States and Israel launched an attack on Iran on February 28, and Trump officially notified Congress on March 2, starting the 60-day period and setting the deadline as May 1.
Trump could have sought a 30-day extension under the law but did not do so, lawmakers said.
Despite the ceasefire, tension continues. Trump stepped up threats against Tehran on Wednesday and vowed to keep up the threat. US blockade on Iran until Tehran accepts the nuclear deal.
Tehran has refused to reopen the Strait of Hormuz unless the US lifts its blockade of Iranian ports.
Axios also reported He said US Central Command was preparing a plan for a “short and powerful” wave of attacks on Iran in the hope of breaking stalled talks between Washington and Tehran.
According to Reuters, based on Iranian media, while the two sides are currently in a ceasefire, a senior official from Iran’s Revolutionary Guard has reportedly threatened “prolonged and painful attacks” on US positions if Washington resumes its attacks against Iran.
— CNBC’s Kevin Breuninger contributed to this report.
