Crude Oil Little Changed Following Recent Surge To Six-Month Highs

Crude for April delivery, which has spent the day lingering near the unchanged line, was last seen trading at $66.45 a barrel, up $0.05 or 0.1 percent.

The choppy trading on the day comes as the price of crude oil has spiked to its highest levels in six months amid concerns about a potential military conflict between the U.S. and Iran.

President Donald Trump told reporters at the White House this morning that he was “considering” a limited military strike to pressure Iran over its nuclear program.

After the failure of multiple rounds of U.S.-Iran nuclear talks, Trump has set a 10-15 day deadline for Iran to agree nuclear deal or face “bad things.”

With potential U.S. military action looming, Iran has warned that U.S. bases in the Middle East could be “legitimate targets” if Washington attacks.

British Prime Minister Keir Starmer has reportedly blocked a request from Trump to allow U.S. forces to use U.K. air bases during any pre-emptive attack on Iran, saying it could break international law.

Elsewhere, U.S. Ambassador to India Sergio Gor said today that the United States doesn’t want anyone buying Russian oil and President Trump “has been clear on this.”

Underlining Washington’s push for India to diversify its crude imports amid the ongoing Ukraine conflict, Gor said that discussions are underway between the U.S. Department of Energy and India’s Ministry of Energy over potential imports of Venezuelan crude.

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