(RTTNews) – Crude oil prices were sharply higher in trading on Friday, after retreating significantly from their early highs to end the previous session marginally lower.
Crude for April rose $1.71, or 2.6 percent, to $66.92 a barrel, the highest in more than seven months, compared with a $0.21, or 0.3 percent, decline seen on Thursday.
The sharp rise in crude oil prices comes amid concerns of a military conflict between the US and Iran.
Diplomatic efforts between the two countries aimed at reducing tensions over Tehran’s nuclear program ended without an agreement on Thursday.
President Donald Trump told reporters at the White House that he would not like to use the US military to attack Iran, but warned that sometimes you have to.
“We’re not thrilled with the way they’re negotiating,” Trump said. He added, “I’m not thrilled that they’re unwilling to give us what we deserve.”
Oil prices fell on Thursday after Oman’s Foreign Minister Badr Albusaidi said “significant progress” had been made in the third round of nuclear talks between the US and Iran.
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