Oil rises as White House says Iran ceasefire halts 60-day war deadline

Key Points:

• Oil prices rose on Friday following a volatile session where June Brent crude hit a four-year high of $126.41 before settling at $114.01, with July Brent futures up 1.11% to $111.63 and U.S. West Texas Intermediate futures gaining 0.45% to $105.54.
• The price movements coincide with a 60-day deadline under the U.S. War Powers Resolution for President Trump regarding military action in the Iran conflict, as Congress has not authorized continued deployment.
• The Trump administration claims that a ceasefire reached in early April has "terminated" hostilities, arguing this halts the 60-day War Powers clock and negates the need for Congressional approval to maintain troops.
• Despite the ceasefire, tensions remain high, with Trump maintaining a blockade on Iran and Tehran refusing to reopen the Strait of Hormuz unless sanctions are lifted, while both sides have threatened further military action if hostilities resume.
• Reports indicate that U.S. Central Command has prepared plans for a potential "short and powerful" strike on Iran to break stalled negotiations, while Iran's Revolutionary Guards have warned of severe retaliatory attacks if the U.S. initiates further aggression.