Oil prices rebound after Trump comments on ‘armada’ moving to Iran spur supply worries

Oil prices rebounded on Friday after US President Donald Trump renewed threats against major Middle Eastern producer Iran, raising concerns of military action that could disrupt supplies. Brent crude futures for March rose 35 cents, or 0.55%, to $64.41 a barrel. US West Texas Intermediate crude rose 33 cents, or 0.56%, to $59.69 a barrel as of 0243 GMT. Both contracts slumped about 2% on Thursday. They rebounded after Trump told reporters aboard Air Force One the US has an “armada” heading toward Iran but hoped he would not have to use it, as he renewed warnings to Tehran against killing protesters or restarting its nuclear program. Warships including an aircraft carrier and guided missile destroyers will arrive in the Middle East in the coming days, a US official said. Iran is the fourth-largest producer in the Organization of the Petroleum Exporting Countries and a major exporter to China, the world’s second-largest oil consumer.