(RTTNews) – After pulling back well off its early highs to end the previous session modestly lower, the price of crude oil showed a substantial move back to the upside during trading on Friday.
Crude for April has surged $1.71 or 2.6 percent to $66.92 barrel, more than offsetting the $0.21 or percent 0.3 percent dip seen on Thursday to reach its highest levels in over seven months.
The sharp increase by the price of crude oil comes amid lingering concerns about a military conflict between the U.S. and Iran.
Diplomatic efforts between the two countries aimed at easing tensions over Tehran’s nuclear program concluded on Thursday without an agreement.
President Donald Trump told reporters at the White House that he’d “love not to use” the U.S. military to attack Iran but warned “sometimes you have to.”
“We’re not thrilled with the way they’re negotiating,” Trump said, adding, “I’m not happy that they’re not willing to give us what we have to have.”
The pullback by oil prices on Thursday came after Oman’s Foreign Minister Badr Albusaidi said “significant progress” was made in the third round of nuclear negotiations between the U.S. and Iran.
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