By Angus Berwick and David Uberti
Oil prices cooled after President Trump signaled he would give some time for negotiations before deciding on potential strikes on Iran.
Stocks were marginally higher early Friday, recovering some ground after losses over the Juneteenth holiday. The White House said late Thursday that Trump would make a decision within two weeks--a time span he often cites when faced with difficult situations--easing fears of imminent military intervention.
European foreign ministers are meeting with Iranian officials in Geneva to press them to de-escalate, and have backed Trump's demands for Tehran to end its uranium enrichment program.
Brent crude, the international oil benchmark, fell below $77 a barrel, mostly reversing Thursday's gains. A volatile rally since the conflict began means Brent prices are up roughly 10% on where they were a week ago.
Reports suggest Iran is rushing to get oil out of the country. DNB Markets said Friday the country's crude exports have spiked more than 40% since fighting began.
"Iran has been directing even more crude into its export facility, preparing to send as much as possible oil to the market while it can," said the bank's senior energy analyst, Helge Andre Martinsen.
Trade tensions rattle on in the background. On Thursday, Canada unveiled import curbs and other policies to aid its steel sector, which is struggling under the U.S.'s hefty 50% levies.
In recent trading:
U.S. stocks edged higher. All three major indexes traded in the green.
The U.S. dollar weakened slightly, while Treasury yields were little changed.
Bitcoin prices rose to $106,000.
Global stocks were mixed. The Stoxx Europe 600 and Hong Kong's Hang Seng Index gained, while Japan's Nikkei fell slightly.
Gold futures fell 1%; silver prices also pared back.
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(END) Dow Jones Newswires
June 20, 2025 09:41 ET (13:41 GMT)
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