Crude oil prices rose more than 2% on Thursday as President Donald Trump weighed military strikes on OPEC member Iran.
U.S. crude rose $1.56, or 2.5%, to $64.77 per barrel. Global benchmark Brent was up $1.59, or 2.3%, to $69.99 per barrel.
Multiple sources told Reuters that Trump is weighing targeted strikes on Iranian security forces and leaders to inspire anti-government protestors. The president wants to create conditions for regime change, two U.S. sources told Reuters.
The Islamic Republic launched a security crackdown earlier this month to quell protests, leaving thousands dead.
The oil market is monitoring whether the unrest in Iran and possible military intervention by the U.S. could lead to a disruption of crude supplies in the region.
Trump has deployed the Abraham Lincoln Carrier Strike Group to the Middle East, warnings Iran on Wednesday that time is running out to make a deal on its nuclear program.
The president threatened Tehran with larger strikes than the attack the U.S. launched last June, which targeted Iran’s nuclear facilities.
“The next attack will be far worse! Don’t make that happen again,” Trump said in a Truth Social post.
