President Donald Trump of the United States has indicated that he is contemplating a limited military strike against Iran. The statement was made as the U.S. continues a significant military buildup in the Middle East. Oil prices stabilized on Friday after a weekly surge of over 5%, as traders have already factored in some of the risks associated with potential U.S. military action.
During a breakfast meeting with U.S. state governors at the White House on Friday, President Trump confirmed, when questioned by reporters, "I think I can say that I am considering it." He had previously stated on Thursday that a decision regarding a strike on the Islamic Republic of Iran would be made within the next 10 to 15 days. However, he also mentioned that the possibility of reaching an agreement with Tehran over its nuclear program remains open.
President Trump has previously asserted that any military action against Iran would be "far more severe" than the limited strike conducted by the U.S. on Iranian nuclear facilities in June of last year.
Following a weekly increase exceeding 5%, oil prices steadied on Friday. By 10:39 AM Eastern Time, U.S. crude oil had declined by 28 cents to $66.15 per barrel, while the global benchmark Brent crude fell by 23 cents to $71.43 per barrel.
The U.S. is substantially increasing its military presence in the Middle East. The aircraft carrier USS Abraham Lincoln has already been deployed to the region, and a second carrier, the USS Gerald R. Ford, is en route.
A primary concern for oil markets is that a U.S.-Iran conflict could lead to a prolonged disruption of oil shipments through the Strait of Hormuz. This strait is a critical chokepoint for global oil trade. According to data from consultancy firm Kpler, an average of over 14 million barrels of oil and condensate per day passed through this narrow waterway in 2025, accounting for one-third of global seaborne oil exports.
Kpler statistics also indicate that approximately three-quarters of the oil transiting the strait is destined for China, India, Japan, and South Korea.