Oil Prices Edge Higher as Iran Tensions and U.S. War Powers Deadline Converge

Oil Market Moves After Volatile Brent Expiry

On Thursday, the June Brent crude contract, which expired that day, climbed to $126.41 a barrel, marking a four-year high, before settling sharply lower at $114.01. On Friday, as of 10:15 p.m. ET, the July Brent futures contract was up 1.11% at $111.63 a barrel.

U.S. West Texas Intermediate (WTI) futures for June also advanced, rising 0.45% to $105.54 a barrel. The latest price action followed the expiry-related volatility in Brent and continued geopolitical uncertainty tied to U.S.-Iran tensions.

U.S. War Powers Clock and Iran Ceasefire Dispute

The price moves occurred as U.S. President Donald Trump approached a 60-day deadline under the 1973 War Powers Resolution related to military action in the Iran war. Under the law, a president must withdraw troops within 60 days of notifying Congress of their deployment unless lawmakers explicitly authorize the operation. Trump formally notified Congress on March 2 regarding strikes launched by the U.S. and Israel on Iran on February 28, setting up a May 1 deadline. Congress has not authorized the military action.

On Friday, the Trump administration argued that a ceasefire reached three weeks earlier had “terminated” hostilities, asserting that the absence of direct fire between U.S. forces and Iran since a ceasefire first agreed on April 7 means the 60-day War Powers clock no longer applies. Tensions, however, remain elevated despite the ceasefire.

Trump on Wednesday intensified rhetoric toward Tehran, pledging to maintain a U.S. blockade on Iran until it agrees to a nuclear deal. Tehran has refused to reopen the Strait of Hormuz unless the U.S. lifts its blockade of Iranian ports. Axios reported that U.S. Central Command had prepared a plan for a “short and powerful” wave of strikes on Iran aimed at breaking stalled talks between Washington and Tehran. Meanwhile, a senior official from Iran’s Revolutionary Guards reportedly threatened “long and painful strikes” on U.S. positions if Washington renews attacks on Iran.

FAQ

What were the latest Brent and WTI prices mentioned?
As of 10:15 p.m. ET on Friday, the July Brent futures contract was at $111.63 a barrel, up 1.11%, and U.S. WTI futures for June were at $105.54 a barrel, up 0.45%.

How high did the expiring June Brent contract trade on Thursday?
The June Brent contract reached $126.41 a barrel, a four-year high, before settling at $114.01 on Thursday.

What is the significance of the 60-day War Powers Resolution deadline?
Under the 1973 War Powers Resolution, the president must withdraw troops within 60 days of notifying Congress of their deployment unless Congress authorizes the military action. In this case, Trump’s March 2 notification about strikes on Iran set a May 1 deadline, and Congress has not authorized the action.

What positions are the U.S. and Iran taking on the blockade and Strait of Hormuz?
Trump has vowed to maintain the U.S. blockade on Iran until Tehran agrees to a nuclear deal, while Tehran has refused to reopen the Strait of Hormuz unless the U.S. lifts its blockade of Iranian ports.