Oil Steadies Near Six-Month High as Trump Sets Iran Deadline

Oil steadied near a six-month high with President Donald Trump saying Iran had 15 days at most to strike a deal over its nuclear program, as the US assembled a vast array of forced in the Middle East.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Oil steadied near a six-month high with President Donald Trump saying Iran had 15 days at most to strike a deal over its nuclear program, as the US assembled a vast array of forced in the Middle East.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.West Texas Intermediate traded near $67 a barrel, after rising almost 7% over the previous two sessions, while Brent closed near $72. Trump said he thought 10 to 15 days was “pretty much” the “maximum” he would allow for negotiations to continue.The US has carried out the biggest military buildup in the Middle East since 2003, before the invasion of Iraq. That suggests Trump may launch a sustained campaign far more sweeping than the overnight attack the US launched against Iran’s nuclear program last June. The president is also weighing a limited early strike designed to drive Tehran to the negotiating table, the Wall Street Journal reported.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.The main risk for oil prices is if Iran decides to blockade the Strait of Hormuz, a key conduit for crude exports from the Middle East. Oil has surged about a sixth this year as traders weigh the risk to supply from a conflict in the region, which pumps about a third of the world’s crude. That has eclipsed expectations of a building surplus that had weighed on prices at the end of 2025. “If any conflict with Iran escalates into transit disruptions of the Strait of Hormuz, oil prices would likely rise further,” Citigroup Inc. analysts including Anthony Yuen said in a note, adding that their base case doesn’t assume prolonged disruption in the key waterway.The increased risk premium is also showing up in oil options markets. Bullish call options have been trading at large premiums to puts for much of this year as traders protect against the risk of a price spike, while the equivalent of 10 million barrels of Brent June $100 calls changed hands on Wednesday. Adding to bullish momentum, US crude stockpiles fell by 9 million barrels, the biggest drop since early September, figures from the Energy Information Administration showed. Oil product inventories also declined across the board. Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2026 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.