Oil prices edge lower as Trump considers limited military strike against Iran

Oil prices edged lower on Friday, after President Donald Trump said he was considering a limited military strike to pressure Iran over its nuclear program.

“I guess I can say I am considering that,” Trump said when asked by a reporter at a White House breakfast with U.S. governors.

International benchmark Brent crude futures with April delivery fell 43 cents to $71.23 per barrel by 11:10 a.m. ET, erasing earlier gains, while U.S. West Texas Intermediate futures with March delivery lost 41 cents to $66.02.

Both contracts notched their highest settle in six months in the previous session as energy market participants continue to monitor supply risks in the oil-rich Middle East.

The U.S. and Iran have held talks in Switzerland this week to try to resolve a standoff over Tehran’s nuclear program. Initial reports of progress, however, gave way to accusations from Washington that Iran had failed to address core U.S. demands.

Speaking at the first meeting of his Board of Peace in Washington on Thursday, the U.S. president said “bad things will happen” if Tehran doesn’t agree to a deal over its nuclear program.

Trump added that the world will likely find out over the next 10 days whether the U.S. will reach a deal with Iran or take military action. He later told reporters aboard Air Force One that he wanted an agreement within “10 to 15 days.”