Trump says he’s considering limited military strike against Iran

“I guess I can say I am considering that,” Trump said when asked by a reporter at a White House breakfast with U.S. governors.

Trump said Thursday that he would make a decision in the next 10 to 15 days on whether to attack the Islamic Republic. He has left open the possibility that a deal could still be reached with Tehran over its nuclear program.

Trump has previously said an attack on Iran would be “far worse” than the limited strikes launched by the U.S. in June against its nuclear facilities.

Oil prices were stable Friday after rallying more than 5% this week as traders price in some risk of imminent U.S. military action. U.S. crude oil fell 4 cents to close at $66.39 per barrel. Global benchmark Brent rose 10 cents to settle at $71.76 per barrel.

A massive U.S. military buildup is underway in the Middle East. The USS Abraham Lincoln aircraft carrier is in the region. A second aircraft carrier, the USS Gerald Ford, is en route.

The oil market’s biggest fear is that a conflict between the U.S. and Iran could lead to a prolonged disruption of oil flows through the Strait of Hormuz.

The strait is a vital chokepoint for the global oil trade. More than 14 million barrels per day of oil and condensates passed through the narrow waterway on average in 2025, according to data from consulting firm Kpler, which says that amount accounts for a third of total worldwide seaborne oil exports.

About three-quarters of the oil that passes through the strait goes to China, India, Japan and South Korea, according to Kpler.