Oil prices climbed steeply on Friday after President Donald Trump threatened Iran by saying an “armada” was moving to a position from which it could carry out a strike on the Islamic Republic.
Brent crude futures for March rose $1.53, or 2.3%, to $65.59 per barrel. U.S. West Texas Intermediate crude was up $1.46, or 2.4%, at $60.82 per barrel.
On his way back from the World Economic Forum in Davos, Switzerland, Trump said the United States has several ships heading toward Iran but that he hoped they would not need to be used. Tensions have risen between the two countries over a severe crackdown on protests in Iran.
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“We have a lot of ships going that direction, just in case. … I’d rather not
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