Oil rises as White House says Iran ceasefire halts 60-day war deadline [View all]

Source: CNBC

Published Thu, Apr 30 2026 10:35 PM EDT Updated 5 Min Ago


Oil prices climbed Friday, a day after a volatile session that saw the Brent crude contract for June hit a four-year high before retreating. The June contract, which expired on Thursday, climbed to $126.41 a barrel before settling at $114.01.

On Friday, the July Brent futures contract rose 0.9% to $111.42 as of 6:34 a.m. ET, while U.S. West Texas Intermediate futures for June gained 0.31% to $105.40. The moves come as U.S. President Donald Trump faces a 60-day deadline under the War Powers Resolution related to military action in the Iran war.

Under the 1973 law, a president must withdraw troops within 60 days of notifying Congress of their deployment, unless lawmakers authorize the military action. Congress has not done so.

The Trump administration argued on Friday that a ceasefire reached three weeks ago had “terminated” hostilities between the two sides, according to MSNow. This would allow the White House to avoid seeking Congressional approval for the war. An administration official said that the absence of direct fire between U.S. forces and Iran since a ceasefire was first agreed to on April 7 means the 60-day clock no longer applies.

Read more: https://www.cnbc.com/2026/05/01/oil-prices-today-brent-wti-us-iran-war-trump-war-powers-deadline.html