Oil Rallies as Trump Flags U.S. Naval Move Near Iran

Key Moments

Brent March futures rose 0.9% to $64.62 a barrel, while WTI gained 0.9% to $59.89 in Asian trading.
President Donald Trump warned that a U.S. naval “armada” was moving toward Iran, raising fears of supply disruptions.
Crude prices remained on track for a fifth straight weekly gain, supported by stronger demand hopes and a weaker dollar.

Geopolitical Tensions Lift Oil in Asian Trade

Investing.com — Oil benchmarks moved higher in Asian trade on Friday. The gains followed comments from U.S. President Donald Trump that pointed to possible military action involving Iran.

As a result, traders grew more concerned about fresh supply disruptions in the Middle East. Those fears added a new risk premium to prices.

Despite pullbacks earlier in the week, crude stayed on pace for a fifth consecutive weekly gain. Traders continued to price in firmer demand and rising geopolitical risks.

Futures Prices and Market Snapshot

By 22:48 ET (03:48 GMT), front-month contracts posted gains across the board:

Contract	Month	Move	Price (per barrel)	Time
Brent crude futures	March	+0.9%	$64.62	22:48 ET (03:48 GMT)
WTI crude futures	–	+0.9%	$59.89	22:48 ET (03:48 GMT)

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Trump Signals U.S. Naval Presence Near Iran

Speaking aboard Air Force One on Thursday evening, Trump said the United States had moved a naval fleet closer to Iran. He also warned Tehran against killing protestors or restarting nuclear activities.

“We have an armada heading in that direction,” Trump said. “I’d rather not see anything happen, but we’re watching them very closely.”

Meanwhile, reports said a U.S. aircraft carrier and several destroyers could reach the Middle East within days. That development has fueled concerns about renewed military escalation.

Iran ranks among the largest oil producers in OPEC and supplies significant volumes to China, the world’s biggest crude importer. Any U.S. military action could disrupt those exports.

Earlier this month, Iran saw nationwide protests against the ruling Nezam. Reports indicated that thousands of people died during the unrest.

Crude on Track for Fifth Consecutive Weekly Gain

Over the week, oil prices rose between 0.6% and 0.8% following volatile trading. At the same time, markets reacted to shifts in the U.S. administration’s stance on Greenland.

Support also came from stronger-than-expected economic data from China. In addition, the International Energy Agency raised its 2026 oil demand forecast.

Crude prices also drew bargain buying after a weak performance in 2025.

Macro Backdrop: Dollar and Fed Expectations

A softer U.S. dollar added further support to oil prices. Typically, a weaker greenback boosts demand for dollar-priced commodities.

Meanwhile, investors continued to expect interest rate cuts from the Federal Reserve later this year. That outlook pressured the dollar and provided another tailwind for crude.